Uzbekistan begins government bond-backed stablecoin payment pilot
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Uzbekistan has initiated a pilot program to test payments using a stablecoin called HUMO, which is pegged to the Uzbek som and backed by government securities. The National Agency for Prospective Projects (NAPP) registered Humo Digital as a participant in a special regime overseen jointly with the central bank. The pilot will involve over 20 merchants and integrate banks' payment and blockchain infrastructures, with crypto exchange Asterium as a partner.
Why it matters
The pilot aims to evaluate the issuance, circulation, and redemption processes of a government bond-backed stablecoin, assessing its impact on payment systems and regulatory safeguards. The trial will help regulators examine consumer protection, anti-money laundering, cybersecurity, and risks to financial and price stability. The source does not explicitly state broader market or policy implications beyond regulatory assessments.
Key context
This pilot follows a framework approved in November 2025 allowing stablecoin payment trials under a regulatory sandbox alongside tokenized shares and bonds. The trial is set to last 12 months initially, with a maximum duration of three years. The central bank and NAPP are jointly managing the project in an environment of evolving crypto regulatory measures in Uzbekistan.
Key numbers and entities
The pilot involves the National Agency for Prospective Projects (NAPP), the Central Bank of Uzbekistan, over 20 merchants, Humo Digital, and crypto exchange Asterium as a licensed partner. The project duration is capped at three years, with an initial 12-month trial period. The HUMO token is pegged 1:1 to the Uzbek som.
What remains unclear
Details such as the exact mechanics of government securities backing the stablecoin, the criteria for merchant selection, specific consumer safeguards, and how the token’s collateral adequacy will be evaluated are not established in the source. The source also does not clarify the anticipated impact on users or the broader financial ecosystem beyond regulatory assessments.