Stablecoin grows as more nations check out sovereign tokens

The stablecoin sector continued its inexorable increase today, as 2 more countries– Switzerland and Uzbekistan– advanced sovereign stablecoin tasks, while brand-new information verified the ever-increasing usage of stablecoins for payments, even as the rate of development is anticipated to slow in 2026.

• Swiss franc stablecoin moves into screening
• Uzbekistan to check som stablecoin
• Stablecoin payments keep growing in 2026

Swiss franc stablecoin goes into test stage

On September 8, it was exposed that the Swiss exchange SIX and mobile payment service Twint have actually signed up withan associate of 9 companies in sandbox tests of the Swiss franc stablecoin, CHFD, with a concentrate on programmable payments and digital possession settlement.

The effort was introducedin April to link blockchain applications with the Swiss franc and test prospective usage cases for CHFD in Switzerland, with the supreme objective of enhancing both the Swiss digital cash community and the competitiveness of Switzerland’s monetary center, in the face of a growing stablecoin market still extremely controlled by U.S. dollar tokens.

6 and Twint sign up with the existing individuals– UBS (NASDAQ: UBSPostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, and Swiss Stablecoin AG– who are all screening chosen usage cases for the stablecoin under practical conditions in a safe, live digital environment.

Accordingto Swiss banking giant UBS, the brand-new additions to the plan “contribute extra know-how in monetary market facilities and digital payment options.”

The bank included that the effort “intends to produce insights for the more advancement of the Swiss digital cash community and to reinforce the competitiveness of Switzerland’s monetary center.”

CHFD, a stablecoin developed to keep a 1:1 peg to the Swiss franc, has actually been technically reside in the sandbox given that completion of June, however the upcoming sandbox usage cases are to be checked on the stablecoin platform run by CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG.

The partners in the sandbox stated they will at first concentrate on ingenious applications in programmable payments, with the hope of developing global usage cases, such as automatic deals in between banks and tokenized settlement of digital properties.

The job will take a look at whether and how programmability can assist lower scams threats on online markets, assistance reasonable access to occasion tickets, and make public payments more effective.

“Through these activities, the taking part partners are laying crucial foundation for future advancements in digital payments,” stated Twint. “The main goal is to get insights into where a CHF stablecoin might produce included worth, what obstacles exist, and which technical, functional and regulative requirements would require to be satisfied for possible future advancement.”

The test stage is anticipated to continue up until completion of 2026, after which the associate stated they will offer a summary of the findings.

The international stablecoin market has actually reached brand-new heights over the previous number of years, with an overall market cap surpassing $300 billion in December 2025, and some forecast it will accomplish a $1.9 trillion evaluation by the end of the years.

This currently significant worldwide stablecoin market is 98% denominated in U.S. Dollars, which has actually led numerous jurisdictions to significantly explore their own sovereign stablecoins.

Hong Kong is one example, where last month Standard Chartered Bank (Hong Kong) Limited revealedit had actually ended up being the very first licensed supplier bank of HKDAP (HKD At Par), the very first managed Hong Kong Dollar-backed stablecoin released by Anchorpoint Financial Limited (Anchorpoint), a certified stablecoin provider controlled by the Hong Kong Monetary Authority (HKMA).

The statement of the start of the Swiss franc stablecoin tests marks another landmark in this growing fightback versus digital dollarization. And today saw another front open in Uzbekistan, with the launch of a federal government bond-backed and Uzbek som-pegged stablecoin payment pilot.

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Uzbekistan stablecoin pilot

On Monday, the Uzbekistan National Agency for Prospective Projects (NAPP)– a state organization liable to the President that manages, licenses, and supervises digital and monetary markets in the nation– statedit had actually signed up Humo Digital as an individual in a stablecoin pilot routine, collectively supervised with the nation’s reserve bank.

The job will evaluate the issuance, blood circulation, and redemption of the HUMO stablecoin, with each token pegged to one Uzbek som.

Particularly, the pilot task will include the issuance of the HUMO stablecoin, backed by federal government securities, and its usage as a main ways of payment and approval of payment for items, works, and services within Uzbekistan.

According to the firm, more than 20 organizations and merchants are prepared to participate in the task, which will run for as much as 3 years under the joint control of NAPP and the reserve bank. Regional digital property exchange Asterium JSC will likewise function as a partner in the task.

The stablecoin job comes from Presidential Resolution No. PQ-359 of the Republic of Uzbekistan, entitled “On procedures for the additional advancement of the monetary innovations sector in Uzbekistan, “which was released by President Shavkat Mirziyoyev on November 27, 2025, and participated in force the following day. Its primary objective is to increase foreign financial investment, domestic market development, start-ups, and development screening– with the stablecoin pilot as a core part of the latter.

Beyond the HUMO task, the decree likewise developed a devoted development center for fintech start-ups and a specific endeavor fund under the reserve bank, with a comparable charter capital of$50 million, to fund start-up tasks.

Both the Uzek and Swiss plans see the general public and economic sectors operating in tandem to advance sovereign stablecoins, showing growing interest in the area– something just recently launched information has actually highlighted.

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Stablecoin usage continues to increase, however rate of development slowing down in 2026

New research study from monetary information business FXC Intelligence and blockchain information company Allium Labs has actually exposedthat cross-border payment volumes utilizing stablecoins increased by an approximated 64 %year-on-year in 2025, compared to just 9 %development for standard fiat payments.

“Over the previous year, stablecoins have actually turned into one of the most-discussed subjects in cross-border payments,”checked out the report. “While stablecoins stay a little share of the marketplace, our integrated information programs simply how quickly the area is growing, and which parts of the market are seeing the greatest rates of adoption. ”

Particularly, consumer-to-business( C2B )stablecoin payments tape-recorded the fastest development at 72%, compared to 7% for fiat payments, while Top of FormBottom of Form business-to-business(B2B) stablecoin payments increased by 69%, versus 10% for fiat, and business-to-consumer(B2C )payments grew by 62 %, compared to 10%for fiat.

Regardless of these remarkable development rates, stablecoin payments still have some reaching do. The report likewise revealed that, at present, stablecoins stay a really little part of the total retail, or non-wholesale, cross-border payments market, representing an approximated$135 billion of the$44.3 trillion moved internationally in 2025. That figure is a significant uptick over 2024, which saw an approximated$ 82 billion moved utilizing stablecoins, however still represents simply 0.31%of overall volume.

” This shows the reality that while stablecoins are moving considerable financial volume, this is overshadowed by the size of the general retail cross-border payments market, “checked out the report.

It stays clear that the stablecoin area is broadening, and the report likewise had something to state on the factor behind this boomtime, mentioning the U.S. GENIUS Act, which passed in July 2025, as having actually included fuel to the stablecoin engine.

The Act developed the very first U.S. federal structure for payment stablecoins, needing– among other things– companies to preserve 100%reserves in authorized liquid possessions, openly reveal reserves, adhere to anti-money-laundering guidelines, and satisfy federal or state licensing requirements.

“Recent advancements in the regulative landscape, in addition to increased concentrate on the innovation as a feasible option to fiat, are likewise most likely to have actually assisted drive adoption,”recommended FXC Intelligence and Allium.”Companies from throughout the cross-border payments area have actually hurried to check out the innovation, with numerous releasing brand-new stablecoin focused items or revealing that they have actually changed some components of their operations to stablecoins carrying on blockchain-based rails.”

The numbers weren’t all trending up for stablecoins. The information for 2026 year-to-date recommend that the remarkable development experienced by the location is slowing, with total rates presently at around 23%, compared to 64%in 2015.

This might alter by the end of the year, however it possibly shows a cooling of the stablecoin fad.

Nevertheless, the report concluded that,”although there are indications of slowing development in 2026 relative to 2025 for stablecoin cross-border payments volume, stablecoins are set to continue to surpass fiat cross-border payments volume development in 2026 and possibly beyond.”

It included that”it stays to be seen how huge the marketplace might eventually end up being, and there is a long method to opt for stablecoins to be on an equal opportunity with fiat when it concerns cross-border payments.”

Hence, the ethical of the story from today’s worldwide stablecoin advancements seems that, in spite of a slower speed, interest in the area stays more powerful than ever and continues to grow, as federal governments and the economic sector race to adjust and use the innovation.

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