Uzbekistan begins government bond-backed stablecoin payment pilot
Uzbekistan has initiated a controlled pilot program to test a government-backed stablecoin called HUMO, which maintains a one-to-one peg with the Uzbek som and is secured by government securities. The trial involves more than 20 merchants and operates under a regulatory sandbox jointly managed by the National Agency for Prospective Projects and the country's central bank.
Why It Matters
This pilot represents a significant step for Uzbekistan in exploring digital currency infrastructure while maintaining tight regulatory oversight. The initiative demonstrates how governments can experiment with blockchain-based payment systems within controlled frameworks designed to protect financial stability and consumer interests.
Key Facts
- Stablecoin name: HUMO, pegged 1:1 to Uzbek som
- Regulatory oversight: Joint sandbox between NAPP and Central Bank of Uzbekistan
- Initial pilot duration: 12 months, with total project duration capped at 3 years
- Merchant participants: More than 20 merchants testing payments
- Framework approval date: November 2025
Uzbekistan has taken concrete steps toward integrating digital currency infrastructure by launching a test phase for HUMO, a stablecoin backed by government securities. The National Agency for Prospective Projects announced the registration of Humo Digital as a participant in a specially designed regulatory sandbox, with oversight shared between NAPP and the Central Bank of Uzbekistan. This arrangement allows authorities to evaluate how the token functions in real-world payment scenarios while maintaining comprehensive regulatory control.
The trial structure includes participation from more than 20 merchants who will accept HUMO for transactions involving goods and services. The platform will also incorporate blockchain infrastructure and payment-processing systems from participating banks, creating an integrated ecosystem for testing. Asterium, a licensed cryptocurrency exchange, is collaborating as a project partner to support the initiative.
Regulatory assessment will focus on multiple critical dimensions throughout the pilot period. Authorities plan to examine whether the token's collateral provides adequate backing, evaluate cybersecurity measures, review consumer protection mechanisms, ensure compliance with anti-money laundering standards, and monitor potential risks to financial stability and price levels. The initial 12-month trial phase is intended to inform whether broader implementation is feasible, with the entire project potentially extending to three years.
This pilot builds on regulatory groundwork established in November 2025, when Uzbekistan outlined a framework permitting stablecoin payment trials within controlled sandbox environments. That broader policy also included provisions for experimenting with tokenized shares and bonds, positioning the country as an emerging participant in central bank-supported digital currency development. The structured approach allows Uzbekistan to gather practical experience with blockchain-based payment systems while protecting its financial infrastructure from potential risks.
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