Uzbekistan Launches HUMO Stablecoin Pilot Backed by Bonds

Uzbekistan initiates the HUMO stablecoin pilot, testing a som-pegged digital token backed by government securities for retail payments.

The HUMO pilot project is officially underway under the joint supervision of the National Agency for Perspective Projects (NAPP) and the country’s Central Bank.

HUMO Digital has been registered as a participant in a special regulatory sandbox to test the issuance, circulation, and redemption of the token. Each 1 HUMO will be fixed to 1 Uzbek som, with the entire emission backed by Uzbekistan’s government securities.

Uzbekistan moves stablecoins toward real-world payments

The pilot allows HUMO to be used for purchasing goods, services, and labor within the country. According to the NAPP, more than 20 merchants have already expressed their readiness to participate in the trial.

Testing extends beyond simple token transfers. The project involves integrating banking, payment, and blockchain infrastructures to ensure HUMO transactions can be processed as a component of the broader financial system.

Asterium, which holds local licenses as a crypto depository, exchange, and crypto shop, is a key partner. Banks and other corporations are also eligible to participate in the project’s infrastructure.

Uzbekistan has opted for this controlled model over the open adoption of global stablecoins like USDT or USDC for daily payments. HUMO is directly tied to the national currency, keeping the entire experiment under the watch of financial regulators.

Government bonds back HUMO

The collateral model stands out as one of the most significant aspects of the project. Rather than relying solely on bank deposits, regulators have specified that the token will be issued against Uzbekistan’s government securities.

This creates a digital payment instrument where the value follows the som, while the underlying reserve is linked to the sovereign debt market.

Regulators will monitor collateral sufficiency and security, but oversight will also extend to transaction transparency, financial and operational risks, cybersecurity, consumer protection, and anti-money laundering measures.

The Central Bank will independently assess whether the model poses risks to monetary policy, financial stability, or price stability.

Pilot phase could last up to three years

The initial testing period is set for 12 months. While this can be extended, the total duration of the project cannot exceed three years. Upon completion, authorities will determine if the model is viable for large-scale implementation and how it should be regulated.

The legal foundation is already in place. The special regulatory regime for stablecoin circulation was registered by the Ministry of Justice in April 2026, following a November 2025 presidential decree focused on fintech development.

This framework allows for experimentation in a controlled environment, covering not only retail payments but also international transfers and blockchain-based payment systems.

Central Asia becomes a testing ground for digital money

This move positions Uzbekistan among the nations exploring stablecoins as a regulated part of the payment system rather than just a crypto asset.

The distinction is vital: HUMO is not launching as a freely accessible substitute for the national currency, but as a limited experiment with specific participants under constant regulatory scrutiny.

For authorities, the primary test is whether blockchain settlement can make business payments faster, more transparent, and more secure without introducing new risks to the financial system.

If the model successfully clears the three-year window, the most important outcome won’t just be HUMO itself. Uzbekistan will have a battle-tested regulatory and technical framework that connects national currency, government bonds, banks, and blockchain infrastructure into a unified payment system.