Uzbekistan has launched a pilot program to test payments using a som-pegged stablecoin that is backed by government securities.
On Monday, the National Agency for Prospective Projects (NAPP) announced that it registered Humo Digital as a participant in a special regulatory regime overseen jointly with the central bank. The pilot will evaluate the issuance, circulation, and redemption of the HUMO token, with each digital asset pegged directly to one Uzbek som.
According to the NAPP, more than 20 merchants are prepared to accept HUMO payments during the testing of goods and services. The project will integrate the payment-processing and blockchain infrastructure of participating banks, while licensed crypto exchange Asterium will act as a project partner.
The Central Bank of Uzbekistan stated that the initial trial is scheduled to run for 12 months, with the overall duration of the project capped at three years. Throughout the pilot, regulators will assess the adequacy and safeguarding of the token's collateral, cybersecurity measures, consumer protections, anti-money laundering controls, and potential risks to financial and price stability.
This initiative follows a regulatory framework approved in November 2025, when Uzbekistan announced plans to permit stablecoin payment trials within a sandbox environment, alongside provisions for tokenized shares and bonds.
