Uzbekistan has initiated a pilot program to test payments using a stablecoin pegged to the Uzbek som. The project is led by Humo Digital, which has been registered as a participant in a special regime overseen by the National Agency for Prospective Projects (NAPP) and the central bank.
The pilot focuses on the issuance, circulation, and redemption of the HUMO token, where each token is equivalent to one Uzbek som. More than 20 merchants are already prepared to test these payments for various goods and services.
The initiative integrates the payment-processing and blockchain infrastructure of participating banks. Licensed crypto exchange Asterium will act as a project partner in this implementation.
The Central Bank of Uzbekistan has set an initial trial period of 12 months, with the overall project duration capped at three years. Regulators will monitor cybersecurity, anti-money laundering controls, and the token's collateral safeguards to ensure financial and price stability.
