Uzbekistan Launches Government-Backed Stablecoin Payment Pilot
Pilot tests som-pegged HUMO stablecoin with 20+ merchants under central bank oversight.
1Pilot Launch
Uzbekistan has initiated a pilot program to test payments using HUMO, a som-pegged stablecoin backed by government securities. The National Agency for Prospective Projects (NAPP) registered Humo Digital as a participant in this special regime, jointly overseen by NAPP and the central bank. The pilot will evaluate HUMO's issuance, circulation, and redemption, with each token equivalent to one Uzbek som. Over 20 merchants are ready to accept HUMO for goods and services.
2Infrastructure Integration
The project will integrate payment-processing and blockchain infrastructure from participating banks. Asterium, a licensed cryptocurrency exchange, has been named as a project partner. This collaboration aims to ensure seamless transactions and robust technical support throughout the pilot. The integration highlights Uzbekistan's commitment to leveraging existing financial and technological frameworks for innovative solutions.
3Regulatory Framework
The pilot operates under a framework approved in November 2025, which allows stablecoin payment trials within a sandbox environment. This framework also includes provisions for tokenized shares and bonds, reflecting broader regulatory openness to digital assets. The central bank emphasized that the pilot will run for 12 months initially, with a maximum duration of three years.
4Risk Assessment
Regulators will closely monitor the pilot's impact, focusing on collateral adequacy, cybersecurity, and consumer safeguards. Anti-money laundering controls and risks to financial stability are also key evaluation areas. The central bank aims to balance innovation with risk management, ensuring the pilot does not disrupt existing financial systems.
5Merchant Participation
More than 20 merchants across Uzbekistan are prepared to accept HUMO payments, marking a significant step toward real-world adoption. This widespread participation will provide valuable data on usability and acceptance. The pilot's success could pave the way for broader stablecoin adoption in the region.
6Historical Context
Uzbekistan's move follows similar initiatives in neighboring countries, such as Kyrgyzstan's state crypto reserve concept. The region is increasingly exploring digital assets as tools for financial modernization. Uzbekistan's pilot positions it as a potential leader in Central Asia's fintech innovation.
7Technical Specifications
HUMO tokens are pegged 1:1 to the Uzbek som, ensuring price stability. The stablecoin's backing by government securities adds a layer of trust and reliability. This design mirrors global stablecoin models while adapting to local economic conditions and regulatory requirements.
8Future Implications
The pilot's outcomes could influence Uzbekistan's broader digital currency strategy, including potential CBDC development. Success may also attract international fintech investments, boosting the country's financial sector. Conversely, challenges could lead to refined regulatory approaches for future digital asset initiatives.