Uzbekistan Tests Stablecoin Payments Backed by Government Securities

The Central Bank of Uzbekistan has launched a pilot to test payments using a stablecoin backed by government securities. The HUMO token is pegged to one Uzbek som and will be used for transactions in over 20 merchants participating in the trial. The project, which will integrate participating banks' payment-processing and blockchain infrastructure, will run for 12 months with an option to extend for another two years.

The pilot follows a framework approved by regulators in November 2025, which allows for stablecoin payment trials under a sandbox environment. This move is part of Uzbekistan's plan to permit tokenized shares and bonds. The National Agency for Prospective Projects (NAPP) has registered Humo Digital as a participant in the special regime jointly overseen with the central bank.

Asterium, a licensed crypto exchange, will serve as a project partner and assess the adequacy and safeguarding of the token's collateral, cybersecurity, consumer safeguards, anti-money laundering controls, and risks to financial and price stability. The regulators will evaluate the project at the end of its three-year duration.