Uzbekistan begins government bond-backed stablecoin payment pilot

Uzbekistan has launched a pilot to test payments with a som-pegged stablecoin backed by government securities.

On Monday, the National Agency for Prospective Projects (NAPP) said it had registered Humo Digital as a participant in a special regime jointly overseen with the central bank. The pilot will test the issuance, circulation and redemption of HUMO, with each token pegged to one Uzbek som.

NAPP said more than 20 merchants are prepared to test HUMO payments for goods and services.

The project will also integrate participating banks’ payment-processing and blockchain infrastructure. Asterium, a licensed crypto exchange, will serve as a project partner.

According to the Central Bank of Uzbekistan, the initial trial will run for 12 months, with the project’s total duration capped at three years. Regulators will assess the adequacy and safeguarding of the token’s collateral, cybersecurity, consumer safeguards, anti-money laundering controls and risks to financial and price stability.

The pilot follows a framework approved in November 2025. At the time, Uzbekistan said it was planning to permit stablecoin payment trials under a sandbox, alongside provisions for tokenized shares and bonds.