Uzbekistan Tests Government-Backed Stablecoin Pegged to National Fiat
The Central Bank of Uzbekistan has launched a year-long trial of a government-backed stablecoin pegged to the national fiat, the Uzbek som. The token, known as HUMO, is fully collateralized by government securities and designed to hold a one-to-one value with the Uzbek som.
More than 20 local merchants have signed on to accept HUMO for goods and services, giving regulators a real-world view of how the token performs in retail transactions across different sectors. The pilot also incorporates payment-processing and blockchain infrastructure from participating banks, while licensed cryptocurrency exchange Asterium will act as a project partner.
The trial period is set at 12 months, with the overall project capped at three years, according to the Central Bank of Uzbekistan. Authorities plan to examine several core areas during the pilot, including the adequacy and safeguarding of the token's collateral, cybersecurity protections, consumer safeguards, and anti-money laundering controls.