Uzbekistan begins government bond-backed stablecoin payment pilot
Uzbekistan has started a pilot for a som-pegged stablecoin backed by government securities. The National Agency for Prospective Projects registered Humo Digital for a special regime overseen with the central bank. The trial will test issuing, circulating, and redeeming HUMO, with each token equal to one Uzbek som. More than 20 merchants are expected to accept HUMO for payments. The project will connect participating banks’ payment systems with blockchain infrastructure, and licensed exchange Asterium will support the pilot. The initial test will last 12 months, with the overall project limited to three years. Regulators will review collateral protection, cybersecurity, consumer safeguards, AML controls, and possible effects on financial and price stability.
