Uzbekistan Tests Government-Backed Stablecoin for Payments
The Central Bank of Uzbekistan has launched a pilot project to test payments using a stablecoin pegged to the Uzbek som, the country's currency. The stablecoin, known as HUMO, is backed by government securities and will be tested over the next three years.
The pilot, which began on Monday, involves more than 20 merchants who are prepared to accept HUMO payments for goods and services. The project also integrates participating banks' payment-processing infrastructure with blockchain technology.
Asterium, a licensed crypto exchange, is serving as a partner in the project. Regulators will assess various aspects of the stablecoin's collateral, cybersecurity, consumer safeguards, anti-money laundering controls, and potential risks to financial stability over the course of the pilot.