Uzbekistan Sets New Compliance Standards for Private Stablecoin Issuers

The National Agency for Perspective Projects (NAPP) confirmed plans to regulate tokenization of bonds and stocks and to pilot stablecoins as payment instruments, while the Central Bank of Uzbekistan detailed its requirements for private issuers.

Reserve reporting and flow visibility

Samidjon Inogamov, Director of the Monetary Policy Department at the Central Bank of Uzbekistan, identified two binding requirements for any private stablecoin operating in or out of the country:

• Wallet-level aggregate flow data, supplied to the regulator on a continuing basis.
• Reserve reporting covering tokens circulating both domestically and abroad.

Inogamov placed these demands inside a broader macro context. Uzbekistan recorded US$9.3 billion in remittances during the first half of 2026, with more than half arriving directly on bank cards. The central bank operates an inflation-targeting regime at 5 percent. Its stated concern is whether a payment technology shifts public behavior on savings, borrowing, and currency choice — not the underlying protocol.

Vyacheslav Pak, First Deputy Director of NAPP, positioned his agency as a co-regulator alongside the central bank and flagged a new blockchain-based payment system as part of NAPP's roadmap. Pak noted that no jurisdiction has yet produced a complete framework for security tokenization, citing unresolved questions on voting rights and corporate governance for tokenized equity holders.

On-chain picture from the People's Bank of China

Mu Changchun, Director-General of the Digital Currency Institute at the People's Bank of China, presented data from the regulator's internal monitoring platform. The platform tracks 16 public blockchains and 36 stablecoins. Over the past year, it analyzed approximately US$60 trillion in on-chain transfers. The breakdown:

• US$8.5 trillion: internal fund redistributions within entities.
• US$11.1 trillion: protocol-level transaction splitting.
• US$16.3 trillion: arbitrage trades.
• ~US$25 trillion: genuine economic activity.
• Transactions with true payment intent: less than one percent of total volume.

Mu tied the choice of instrument to capital-account structure. Jurisdictions with capital controls, in his framing, gravitate toward digital fiat currencies. Markets with deeper capital pools, including the United States, lean toward private stablecoins.

What to monitor

Two practical points for the USDT corridor:

• Any issuer operating in Uzbekistan will now need to publish reserve data that distinguishes domestic from foreign circulation. For Tether, this raises the bar on attestation granularity and collateralization disclosure if Uzbekistan becomes a real remittance node rather than just a transit point.
• The PBOC figure — under one percent of stablecoin volume reflecting true payment intent — is a structural reference point. Regulatory pressure will continue to target the reserve and flow layer, not the trading layer.

Liquidity deltas in the Uzbek fiat-to-stablecoin pair remain unmeasured publicly. Until the central bank publishes a flow-data format, market participants should track the NAPP pilot timeline and any draft reserve-reporting rules. On the trading side, real-time crypto momentum signals offer a useful overlay for spotting when policy headlines start moving stablecoin order books.