Uzbekistan Tests HUMO Stablecoin for Cross-Border Payments

The Central Bank of Uzbekistan and National Agency of Perspective Projects (NAPP) have launched a pilot project to test the HUMO stablecoin for payments. The pilot will oversee the issuance, circulation, and redemption of HUMO tokens, each pegged 1:1 to the Uzbek Som.

HUMO Digital has been registered under Uzbekistan's special regulatory regime for stablecoins, and crypto infrastructure provider Asterium is participating as a project partner.

The pilot will test the integration of banking, payment-processing, and blockchain infrastructure among project participants. Over 20 businesses are expected to participate, with banks and other companies also joining in.

Upon completion of the project, which can run for up to three years, the practical applicability of a stable token backed by government securities will be assessed, along with associated risks and proposals for regulating digital financial instruments in Uzbekistan.