Uzbekistan has launched a pilot project to test the use of stablecoins for payments. The stablecoin will be called HUMO and will be pegged to the Uzbek som and backed by government securities.
Regulators and businesses participating in the pilot will be able to test the stablecoin as a payment method, including how it will be issued, used, and redeemed.
Uzbekistan Tests HUMO as Payments
The National Agency for Prospective Projects (NAPP) officially allowed Humo Digital to join a special regulatory sandbox. The pilot will be supervised by NAPP and the Central Bank of Uzbekistan. During the pilot, Humo Digital will test HUMO through its issuance, circulation, and redemption.
Each HUMO token will be pegged to one Uzbek som. More than 20 merchants are prepared to participate in the pilot and test HUMO as a payment method for goods and services. To support the testing, participating banks’ payment-processing systems will also be connected with blockchain infrastructure.
Asterium, a locally licensed cryptocurrency exchange, will also participate as a project partner. The pilot is intended to test how a government securities-backed stablecoin can operate as part of a payment system.
Instead of immediately introducing HUMO for wider use, the project allows regulators and participants to assess how the system works in a controlled environment.
Regulators to Monitor Risks and Safeguards
According to Uzbekistan’s central bank, the initial trial will run for 12 months, while the total duration of the project is capped at three years.
During the pilot, regulators will assess several areas related to the stablecoin and its use as a payment method, including whether the collateral backing the token is sufficient and properly protected.
Regulators will also examine cybersecurity risks and consumer safeguards. Anti-money laundering controls will be assessed as part of the project, along with possible risks to financial stability and price stability.
The assessment allows the authorities to observe how the stablecoin operates before any possible wider use.
Pilot Follows Earlier Stablecoin Framework
The project follows a framework approved in November 2025. Under that framework, Uzbekistan planned to allow stablecoin payment trials through a regulatory sandbox.
The earlier framework also included provisions for other digital asset activities, including tokenized shares and bonds.
The new pilot puts this framework into practice by allowing HUMO to be tested with different participating entities, including banks and merchants. The involvement of NAPP and the Central Bank also gives regulators a chance to monitor the project during its testing period.
Uzbekistan’s HUMO pilot shows how the country is testing stablecoins within a controlled regulatory environment.
The project will not only focus on the use of HUMO as a payment method but also on collateral protection, consumer safeguards, anti-money laundering controls, and potential risks to financial and price stability.
