Uzbekistan launches stablecoin pilot backed by government bonds

This pilot is notable because it ties a stablecoin to sovereign debt, blending state credit with digital payments infrastructure. The involvement of the central bank and NAPP signals regulatory oversight from the start, which could set a template for other state-backed digital currencies in the region. For merchants and payment players, the trial tests whether bond-collateralized stability can work in everyday transactions, but the scale is small. The key question is whether this sandbox approach will expand beyond 20 merchants into broader adoption, and how the stablecoin's peg holds under market stress.