Uzbekistan to Launch Retail Stablecoins Backed 1:1 by Wholesale CBDC in 2026

Uzbekistan will introduce retail stablecoins through licensed financial institutions starting January 2026. Each stablecoin will be backed 1:1 by a wholesale central bank digital currency held by banks and fintech firms. The framework creates a two-tier structure where citizens use stablecoins for transactions while institutions settle with the CBDC. This approach differs from other jurisdictions that have positioned CBDCs as stablecoin replacements or embraced stablecoins without developing central bank digital currencies.