Uzbek Government Securities-Backed Stablecoin Enters Merchant Testing Phase
A pilot program for HUMO, a digital currency pegged to the Uzbek som and collateralized by government bonds, has commenced in Uzbekistan with over 20 retail establishments ready to accept payments.
A pilot program testing transactions using a government securities-backed stablecoin pegged to the Uzbek som has been initiated in Uzbekistan.
The National Agency for Prospective Projects (NAPP) announced on Monday that Humo Digital has been officially registered as a participant within a special regulatory regime that operates under joint supervision with the central bank. The trial program will evaluate the creation, distribution and withdrawal of HUMO tokens, with each digital token maintaining a one-to-one peg with the Uzbek som.
According to NAPP, over 20 retail merchants have confirmed their readiness to participate in testing HUMO as a payment method for products and services.
The initiative will additionally incorporate the payment-processing systems and blockchain technology infrastructure of participating financial institutions. The project has enlisted Asterium, a legally authorized cryptocurrency exchange platform, to function as a collaborating partner.
Based on information from the Central Bank of Uzbekistan, the preliminary testing phase is scheduled to continue for 12 months, while the overall project duration has been limited to a maximum of three years. Regulatory authorities will evaluate the sufficiency and security of the token's backing collateral, digital security measures, protection mechanisms for consumers, compliance with anti-money laundering regulations, and potential threats to both financial stability and price equilibrium.
This pilot program comes after the approval of a regulatory framework in November 2025. During that period, Uzbekistan announced its intentions to authorize stablecoin payment testing programs within a regulatory sandbox environment, in addition to making provisions for the tokenization of equity shares and debt securities.