Uzbekistan's Sovereign Stablecoin Pilot Takes Shape
Uzbekistan is taking its first steps into the world of sovereign-bond-backed stablecoins. HUMO, a token pegged to the Uzbek soum and backed by government securities, has been launched in a pilot program that will test its use for everyday payments within the country.
The project connects banking, payment-processing, and blockchain infrastructure, allowing HUMO transactions to interact with existing financial rails. Licensed crypto company Asterium JSC is participating as the project's partner and holds licenses covering crypto-depository, crypto-exchange, and crypto-shop activities.
Regulators will assess reserves, cybersecurity, AML controls, and monetary-policy risks throughout the 12-month pilot, which can be extended for up to three years. The goal is to evaluate the practical viability of a government-securities-backed stablecoin and identify potential risks.