Uzbekistan has allowed stable-token issuers to use government securities as collateral for issuance, the National Agency for Perspective Projects said.
The changes were introduced through a joint resolution by the agency and the Central Bank, amending the rules for the special legal regime governing stable-token circulation. The measure was registered on 22 July as No. 3818-1.
Previously, collateral could consist of funds in national or foreign currency. Issuers may now also use Uzbekistan government securities that they own.
Cash is placed in a separate account, while the securities are blocked in favour of the Central Bank. The issuer retains the right to receive income from the blocked securities.
The total nominal value of stable tokens in circulation must not exceed the sum of cash in the separate account and the nominal value of the blocked government securities.
The collateral may not be formed from:
- credit funds;
- assets received as collateral;
- other borrowed funds.
The rules apply within a special legal regime designed to test stable-token circulation under regulatory oversight and protect users.
