Uzbekistan Tests Stablecoin Payments in Central Asian First

Uzbekistan has launched a pilot program to test payments using a som-pegged stablecoin backed by government securities. The National Agency for Prospective Projects (NAPP) and the Central Bank of Uzbekistan have partnered with Humo Digital, which will issue the HUMO token. Each token is pegged to one Uzbek som.

The pilot will test the issuance, circulation, and redemption of HUMO over a 12-month period, with a total duration capped at three years. The project also aims to integrate participating banks' payment-processing infrastructure and blockchain technology.

Regulators will assess various aspects of the token's collateralization, cybersecurity, consumer safeguards, anti-money laundering controls, and risks to financial and price stability. This pilot follows a framework approved in November 2025, which permits stablecoin payment trials under a sandbox environment.