Uzbekistan Tests Blockchain-Based Payments with HUMO Stablecoin Pilot

The Central Bank of Uzbekistan and the National Agency for Perspective Projects (NAPP) have launched a pilot project to test HUMO stablecoin payments, backed by government securities. The initiative aims to develop financial services in Uzbekistan, promote new technologies, and modern payment methods.

Humo Digital LLC will manage the issuance, circulation, and redemption of HUMO, which is pegged at a 1:1 ratio with the Uzbek som. Over 20 merchants are participating in the trial, providing valuable information on blockchain payments and demonstrating how merchants and banks process stablecoin settlements.

The project will link banking, payment processing, and blockchain infrastructure to enable businesses to finalize payments through HUMO. The arrangement is expected to last up to three years, with the Central Bank and NAPP having regulatory oversight.