Uzbekistan launches government‑backed stablecoin pilot with over 20 merchants

Uzbekistan launches stablecoin payment pilot

Uzbekistan has started a pilot to test payments with a new stablecoin called HUMO. The token is pegged to one Uzbek som and is backed by government securities. The pilot is being run in a sandbox that is jointly overseen by the National Agency for Prospective Projects (NAPP) and the country's central bank.

Key points

• HUMO is a stablecoin (a digital asset designed to keep a stable value) linked to the Uzbek som.
• More than 20 merchants will accept HUMO for goods and services during the trial.
• The pilot will run for 12 months, with the overall project limited to three years.
• Participating banks will provide payment‑processing and blockchain infrastructure.
• Asterium, a licensed crypto exchange, is a project partner.

Official details

NAPP announced that it has registered Humo Digital as a participant in the special regime. The central bank confirmed the 12‑month initial trial and the three‑year cap. Regulators will evaluate the token’s collateral, cybersecurity, consumer safeguards, anti‑money‑laundering controls, and any risks to financial and price stability.

Why it matters

The pilot follows a regulatory framework approved in November 2025 that allowed stablecoin payment trials under a sandbox. It is the first test of a government‑backed stablecoin in Uzbekistan, aiming to integrate blockchain technology with traditional banking and retail payments.

Next steps

During the year‑long trial, the token’s issuance, circulation and redemption will be monitored. Findings will inform whether the stablecoin can be expanded beyond the sandbox and how it may affect the country’s financial system.

Sources

• Cointelegraph