Uzbekistan's National Agency for Prospective Projects (NAPP) announced Monday the launch of a pilot project to test a stablecoin pegged to the Uzbekistani som and backed by government securities. The initiative registers Humo Digital as a participant under a special regime jointly supervised with the central bank. The pilot will examine the issuance, circulation, and redemption of HUMO tokens, each worth 1 som. More than 20 merchants have signed up to accept HUMO payments, and the project will integrate payment processing and blockchain infrastructure from participating banks. Licensed crypto exchange Asterium will serve as a partner. The central bank stated the initial trial will run for 12 months, with a total project cap of 3 years. Regulators will assess the sufficiency and security of collateral, cybersecurity, consumer protection, anti-money laundering controls, and risks to financial and price stability. The pilot follows a framework approved in November 2025, which outlined plans for stablecoin payment experiments under a regulatory sandbox and included provisions for tokenized stocks and bonds.
Uzbekistan Launches Stablecoin Pilot
Uzbekistan has launched a pilot project to test a som-pegged stablecoin backed by government securities. The National Agency for Prospective Projects (NAPP) announced Monday that it has registered Humo Digital as a special regime participant under joint supervision with the central bank. The pilot will test the issuance, circulation, and redemption of HUMO tokens, each pegged to 1 Uzbekistani som.
Merchants and Partners
According to NAPP, more than 20 merchants are ready to accept HUMO payments. The project will also integrate payment processing and blockchain infrastructure from participating banks. Licensed cryptocurrency exchange Asterium will serve as a project partner.
Timeline and Risk Assessment
The central bank of Uzbekistan stated that the initial trial will last 12 months, with a maximum project duration of 3 years. Regulators will evaluate the adequacy and security of token collateral, cybersecurity, consumer protection, anti-money laundering controls, as well as financial and price stability risks.
Regulatory Framework
This pilot follows a framework approved in November 2025, when Uzbekistan announced plans to allow stablecoin payment experiments under a sandbox mechanism, while also providing provisions for tokenized stocks and bonds.
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