Uzbekistan begins government bond-backed stablecoin payment pilot
Humo Digital will test HUMO payments with more than 20 merchants under a sandbox jointly overseen by NAPP and Uzbekistan’s central bank.
Uzbekistan has initiated a pilot program to explore the use of a som-pegged stablecoin backed by government securities, known as HUMO, as a means of payment. The National Agency for Prospective Projects (NAPP) has registered Humo Digital as a participant in a joint sandbox overseen by the central bank. The 12-month pilot, with a maximum duration of three years, will see more than 20 merchants testing HUMO payments for goods and services.
The project will integrate participating banks' payment-processing infrastructure and utilize blockchain technology. Asterium, a licensed crypto exchange, will serve as a project partner. Regulators will evaluate the token's collateral adequacy, cybersecurity, consumer protection, anti-money laundering controls, and risks to financial stability and price stability.
The pilot is part of a framework approved in November 2025, which also allowed for stablecoin payment trials alongside tokenized shares and bonds.
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