The government of Uzbekistan has initiated a pilot programme to test a stablecoin pegged to the national currency, the Uzbek som, with backing from government securities. The initiative, managed by the National Agency for Prospective Projects (NAPP) in collaboration with the Central Bank of Uzbekistan, aims to evaluate the issuance, circulation and redemption of HUMO tokens.
Over 20 merchants are set to participate in the trial, which will run for 12 months under a framework approved in November 2025. The project, which may extend to a maximum of three years, involves Humo Digital, a registered participant, and Asterium, a licensed crypto exchange acting as a partner.
The stablecoin’s value is directly tied to the Uzbek som, with each token representing one unit of the currency. The central bank’s involvement underscores efforts to integrate blockchain technology into the financial system while ensuring stability through government-backed collateral.
The trial seeks to address challenges in digital payment adoption and currency volatility, potentially paving the way for broader use of stablecoins in Uzbekistan’s economy. No further details on the token’s technical architecture or redemption mechanisms have been disclosed.
Written by Rebecca Shaw
Industry Desk
