Uzbekistan launches pilot for stablecoin payments backed by government bonds
Uzbekistan has initiated a pilot for payments using the HUMO stablecoin, pegged to the Uzbek som and backed by government securities. The National Agency for Prospective Projects (NAPP) has officially registered Humo Digital under a special regime co-supervised with the Central Bank. Over the next 12 months, more than 20 merchants will test HUMO payments for goods and services, alongside integration with banks’ payment-processing and blockchain infrastructure.
Pilot Launch and Registration of Humo Digital
On Monday, the National Agency for Prospective Projects (NAPP) announced the registration of Humo Digital as a participant in a special regime jointly overseen with the Central Bank of Uzbekistan. The pilot aims to test the issuance, circulation, and redemption of HUMO tokens, each pegged to one Uzbek som.
Testing Phase and Project Duration
More than 20 merchants are prepared to accept HUMO payments for goods and services. Banks’ payment-processing systems and blockchain infrastructure will be integrated into the project. Licensed crypto exchange Asterium will serve as a project partner. The initial trial period will last 12 months, with a total project duration capped at three years. Regulators will assess token collateral adequacy, cybersecurity, consumer protections, anti-money laundering controls, and risks to financial and price stability.
Why it matters
This development is significant as Uzbekistan embarks on practical implementation of payments using a government bond-backed stablecoin pegged to the national currency. It reflects the state’s commitment to adopting innovative financial technologies within a controlled regulatory framework, focusing on security, oversight, and stability. The pilot may lay the groundwork for the country's digital economy growth and improve access to modern payment methods for both businesses and consumers.
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