Uzbekistan Launches Stablecoin Pilot with Government-Backed HUMO

The Central Bank of Uzbekistan and National Agency for Perspective Projects (NAPP) have launched a pilot program to test HUMO, a stablecoin pegged to the Uzbek som. The initiative is backed by government securities and will be used for everyday payments.

More than 20 merchants nationwide are participating in the trial, which aims to explore the potential of blockchain technology for financial services. Humo Digital LLC is managing the issuance, circulation, and redemption of HUMO, while banks and businesses will back the initiative.

The pilot program is designed to last up to three years and will be supervised by the Central Bank and NAPP. The government securities backing HUMO are intended to boost its stability and value. Authorities will closely monitor the risks associated with liquidity, financial crime, and cybersecurity during the trial.