Uzbekistan Tests Stablecoin Payments Backed by Government Securities

Uzbekistan is testing payments with a stablecoin backed by government securities. The National Agency for Prospective Projects (NAPP) has registered Humo Digital as a participant in a special regime, allowing it to issue and circulate HUMO tokens.

The pilot project will test the issuance, circulation, and redemption of HUMO, which is pegged to one Uzbek som. The trial will run for 12 months, with more than 20 merchants participating by accepting HUMO payments for goods and services.

The project also integrates participating banks' payment-processing infrastructure and blockchain technology. Asterium, a licensed crypto exchange, is partnering on the project.