Uzbekistan’s authorities have expanded requirements for stablecoin backing, allowing issuers to use government securities alongside cash, reports infohub.kz.
Previously, stablecoin issuance under the experimental regime was only possible with collateral in national or foreign currency. Now, issuers may include government bonds they own in the collateral pool.
Under the new rules, cash must be held in a special account at the Central Bank, while government bonds must be locked with the Central Depository in favor of the regulator. The issuer retains the right to receive coupon income and other payments on the securities.
The document also imposes additional requirements to protect digital asset holders. The total value of funds held in the Central Bank account plus the face value of blocked government bonds must be at least equal to the aggregate face value of all stablecoins in circulation.
Additionally, the regulator has banned the use of borrowed funds, including loans and pledged property, to form such collateral.