STABLECOIN ADOPTION GROWS AS SWITZERLAND AND UZBEKISTAN LAUNCH NEW PILOTS

In brief: 

₿- Stablecoin adoption is expanding beyond crypto trading, with payment volumes showing strong growth despite a slower pace in 2026.

₿- The two new national pilots are testing practical applications ranging from programmable payments and tokenized asset settlement to everyday transactions for goods and services.

Stablecoins are increasingly moving from crypto trading into payments and financial infrastructure, with new projects testing how digital tokens tied to national currencies could work in real-world transactions. Switzerland and Uzbekistan are now putting different models to the test, while stablecoin payment volumes continue to grow globally.

Switzerland puts CHF stablecoin CHFD into live testing

Switzerland is testing whether a Swiss franc stablecoin can support programmable payments and digital asset settlement. The CHF stablecoin CHFD entered a live sandbox phase on September 8, with financial market infrastructure operator SIX and mobile payment provider TWINT joining seven other participants.

The initiative brings together UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT, and Swiss Stablecoin AG. CHFD is designed to maintain a 1:1 peg with the Swiss franc, while the testing platform is operated by CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG.

Rather than focusing solely on cryptocurrency payments, the sandbox is examining how stablecoin technology could be incorporated into broader financial processes. Participants will test programmable payments, automated transactions between financial institutions, and the settlement of tokenized assets. Potential applications also include reducing fraud in online marketplaces and improving payment processes.

The project is scheduled to run through the end of 2026, with participants expected to assess what a Swiss franc stablecoin could contribute to the country’s digital money ecosystem.

Uzbekistan tests HUMO stablecoin payments

Uzbekistan is taking stablecoin experimentation directly into the payments sector. The country’s National Agency for Prospective Projects (NAPP) and Central Bank are overseeing a pilot for HUMO, a stablecoin pegged to the Uzbek soum at a 1:1 ratio.

Issued by Humo Digital, the token will be backed by government securities and tested for payments involving goods, work, and services and more than 20 businesses are expected to participate. The pilot will also connect banking, payment-processing, and blockchain infrastructure to test how HUMO can function within the country’s payment system.

The experiment is part of Uzbekistan’s broader push to develop financial technology and create a regulatory environment for testing new digital financial products.

Stablecoin payments keep gaining momentum

The two projects reflect a broader shift in how stablecoins are being evaluated. Once primarily associated with crypto trading and dollar-based digital assets, stablecoins are increasingly being explored for payments, settlement, and financial market infrastructure.

Data from FXC Intelligence and Allium Labs showed that stablecoin volumes in cross-border payments grew sharply in 2025, although growth has moderated in 2026. Even with slower expansion, stablecoin payments continue to attract financial institutions and businesses seeking faster, more programmable ways to move value.

Switzerland and Uzbekistan are approaching the technology from different directions. Still, both experiments point to the same development: stablecoins are increasingly being tested as payment and financial infrastructure rather than simply as crypto market instruments.