Uzbekistan has launched a pilot project testing the use of the HUMO stablecoin for payments as the country expands its regulatory framework for digital assets.
The National Agency of Perspective Projects (NAPP) and the Central Bank will oversee the pilot which will test the
issuance,
circulation, and
redemption
of HUMO, with each token pegged 1:1 to the Uzbek Som.
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HUMO will be backed by government securities and tested as a payment instrument for goods and services. More than 20 businesses are preparing to participate with banks and other companies also expected to join.
A separate area of the pilot will focus on integrating the banking, payment processing and blockchain infrastructure of project participants to enable settlements using the HUMO stable token.
HUMO Digital has been registered under Uzbekistan’s special regulatory regime for stablecoins while crypto infrastructure provider, Asterium, is participating as a project partner.
The pilot, which can run for up to 3 years, will also test the integration of banking, payment-processing, and blockchain infrastructure.
Upon completion of the project, the practical applicability of the model of a stable token backed by government securities will be assessed, the associated risks will be identified, and proposals will be developed to further improve approaches to regulating digital financial instruments in Uzbekistan.
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