Key facts
- Uzbekistan is piloting payments using a stablecoin pegged to the Uzbek som.
- The stablecoin, HUMO, is backed by government securities.
- The pilot involves over 20 merchants and is overseen by the National Agency for Prospective Projects (NAPP) and the central bank.
- The trial will assess collateral adequacy, cybersecurity, consumer protection, and financial stability.
- The pilot is part of a framework approved in November 2025 for stablecoin and tokenized asset trials.
Uzbekistan has initiated a pilot program to test payments utilizing a stablecoin pegged to its national currency, the som, and backed by government securities. The National Agency for Prospective Projects (NAPP) announced on Monday that Humo Digital has been registered as a participant in a special regulatory sandbox, jointly managed with the country's central bank.
The pilot aims to evaluate the issuance, circulation, and redemption processes of the HUMO token, with each unit equivalent to one Uzbek som. Over 20 merchants are prepared to test HUMO payments for a range of goods and services. The project will also integrate the payment-processing and blockchain infrastructure of participating banks.
Asterium, a licensed cryptocurrency exchange, is involved as a project partner. According to the Central Bank of Uzbekistan, the initial phase of the trial is set to run for 12 months, with the overall project duration capped at three years. During this period, regulators will scrutinize the adequacy and safeguarding of the token's collateral, cybersecurity measures, consumer protection protocols, anti-money laundering controls, and potential risks to financial and price stability.
This pilot follows a framework approved in November 2025, which outlined plans for stablecoin payment trials within a sandbox environment, alongside provisions for tokenized shares and bonds.