Uzbekistan Begins Government Bond-Backed Stablecoin Payment Pilot

Uzbekistan launches a HUMO stablecoin payment pilot backed by government securities, testing blockchain payments with more than 20 merchants.

Uzbekistan has launched a pilot project testing HUMO, a stablecoin pegged one-to-one to the Uzbek soum and backed by government securities. The initiative is supervised by the National Agency for Perspective Projects (NAPP) and the Central Bank of Uzbekistan and will test stablecoin payments in a controlled regulatory environment.

The pilot marks a significant step in Uzbekistan’s effort to connect blockchain technology with existing financial and payment infrastructure.

How the HUMO stablecoin will work

Under the project, one HUMO token corresponds to one Uzbek soum. Unlike major dollar-backed stablecoins, HUMO is designed to be backed by government securities issued by Uzbekistan.

The pilot will test issuance, circulation and redemption, as well as payments for goods, services and other transactions. More than 20 businesses are prepared to participate as merchants, according to NAPP.

Banking, payment-processing and blockchain infrastructure will also be integrated so participating institutions can settle transactions using HUMO.

Why government bonds matter

Government securities are the key collateral behind the project.

The authorities say HUMO will maintain its one-soum value while being issued against Uzbek government securities. This provides an identifiable pool of backing for the digital token.

However, the pilot is specifically designed to test whether that collateral is sufficient and properly protected. Regulators will examine the adequacy and preservation of the backing throughout the trial.

A controlled regulatory sandbox

HUMO Digital has been registered under Uzbekistan’s special legal regime for stable tokens. The regulatory sandbox allows new financial technologies to be tested under controlled conditions.

The framework was jointly established by NAPP and the Central Bank and registered with the Ministry of Justice in April 2026.

The Central Bank will assess whether the project is consistent with monetary-policy objectives and whether it creates risks to financial or price stability.

More than a blockchain experiment

The project combines blockchain technology with existing payment systems.

For consumers and merchants, the important question is whether a digital token can support reliable payments, settlement, security and compliance. Authorities will assess transaction transparency, financial and operational risks, cybersecurity, consumer protection and anti-money-laundering requirements.

That makes the initiative a financial-infrastructure test as well as a technology experiment.

The role of Asterium

HUMO Digital is implementing the stablecoin project under the special legal regime. Asterium is participating as a project partner and holds licenses covering crypto-depository, crypto-exchange and crypto-shop activities.

The involvement of licensed infrastructure providers will allow the pilot to test how blockchain-based money can interact with regulated financial services.

NAPP’s special-regime registry lists HUMO Digital as a participant testing HUMO’s issuance, registration, circulation and use for making and accepting payments.

How long will the pilot last?

The initial implementation period is 12 months, according to the Central Bank. It can be extended under established procedures, but the total project duration cannot exceed three years.

This timeline gives regulators time to study the model rather than immediately move toward nationwide adoption.

At the end of the pilot, authorities will assess the practical usefulness of a government-security-backed stablecoin and identify risks that need to be addressed.

What could it mean for payments?

If the system performs well, stablecoins could potentially provide faster and more transparent settlement for participating businesses.

Blockchain-based settlement could also help financial institutions integrate digital payments with existing banking infrastructure. However, the pilot does not mean HUMO will replace traditional payment methods nationwide.

Instead, it gives regulators and businesses an opportunity to evaluate the technology under real operating conditions.

Conclusion

Uzbekistan’s HUMO pilot is a notable experiment in regulated digital finance. By combining a national-currency peg, government-security collateral, licensed infrastructure and regulatory monitoring, the project gives authorities a practical way to evaluate stablecoin payments.

Its results could influence how Uzbekistan regulates and develops digital financial instruments in the years ahead. The results will also show whether blockchain-based settlement can deliver practical benefits without compromising monetary stability, consumer protection or financial security. For now, the pilot represents a cautious move from regulatory experimentation toward real-world stablecoin payments in Uzbekistan’s economy within Uzbekistan's regulated financial system.