Uzbekistan begins government bond-backed stablecoin payment pilot

cointelegraphPublicado a 2026-09-08Actualizado a 2026-09-08

Resumen

Uzbekistan has launched a pilot program to test a national stablecoin called HUMO, which is pegged 1:1 to the Uzbek som and backed by government securities. The project, approved under a framework established in November 2025, is overseen by the National Agency for Prospective Projects (NAPP) and the central bank. It will examine the issuance, circulation, and redemption of the token over an initial 12-month trial, with a total duration not exceeding three years. More than 20 merchants are ready to accept HUMO for payments. The pilot will involve integrating bank payment systems and blockchain infrastructure, with licensed crypto exchange Asterium as a partner. Regulators will evaluate the project's collateral safeguards, cybersecurity, consumer protection, anti-money laundering controls, and potential risks to financial stability.

Uzbekistan has launched a pilot to test payments with a som-pegged stablecoin backed by government securities.

On Monday, the National Agency for Prospective Projects (NAPP) said it had registered Humo Digital as a participant in a special regime jointly overseen with the central bank. The pilot will test the issuance, circulation and redemption of HUMO, with each token pegged to one Uzbek som.

NAPP said more than 20 merchants are prepared to test HUMO payments for goods and services.

The project will also integrate participating banks’ payment-processing and blockchain infrastructure. Asterium, a licensed crypto exchange, will serve as a project partner.

According to the Central Bank of Uzbekistan, the initial trial will run for 12 months, with the project’s total duration capped at three years. Regulators will assess the adequacy and safeguarding of the token’s collateral, cybersecurity, consumer safeguards, anti-money laundering controls and risks to financial and price stability.

The pilot follows a framework approved in November 2025. At the time, Uzbekistan said it was planning to permit stablecoin payment trials under a sandbox, alongside provisions for tokenized shares and bonds.

Related: Kyrgyzstan introduces state crypto reserve concept in new bill

Preguntas relacionadas

QWhat is the backing asset for the new Uzbek stablecoin HUMO?

AThe HUMO stablecoin is backed by government securities.

QWhich two regulatory bodies are jointly overseeing the pilot program for HUMO?

AThe National Agency for Prospective Projects (NAPP) and the Central Bank of Uzbekistan are jointly overseeing the pilot.

QHow long is the initial trial phase of the HUMO stablecoin project scheduled to last?

AThe initial trial phase is scheduled to run for 12 months.

QWhat is the designated role of the licensed crypto exchange Asterium in the pilot project?

AAsterium will serve as a project partner in the pilot.

QIn what context did Uzbekistan first announce its plan to permit stablecoin payment trials?

AUzbekistan first announced the plan to permit stablecoin payment trials in a framework approved in November 2025, which included provisions for a regulatory sandbox and tokenized shares and bonds.

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