Uzbekistan launches a HUMO stablecoin payment trial backed by government securities, covering more than 20 merchants nationwide.
Uzbekistan has started testing stablecoins for everyday payments through a new regulated initiative. The scheme is based on the digital token, HUMO, which is connected to the Uzbek som. Furthermore, government securities will support the token in the trial.
Uzbekistan Starts HUMO Stablecoin Payment Trial
The National Agency for Perspective Projects, known as NAPP, announced the initiative. It is working with Uzbekistan’s Central Bank to oversee the activities. Humo Digital LLC joins a special regime for the regulation of stablecoins.
The initiative is based on Presidential Resolution No. PP-359 of November 27, 2025. The resolution is aimed at the development of financial services in Uzbekistan. It also facilitates new technologies and modern payment methods.
The agreement will be based on 1 HUMO = 1 Uzbek som. Therefore, the token aims to maintain a stable value. Humo Digital will manage HUMO issuance, circulation, and redemption.
According to Interfax, banks, businesses, and crypto companies will back the initiative. Asterium JSC will be one of the main project partners. The company is licensed for the activities of a crypto exchange, a crypto-depository, and a crypto-shop.
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Over 20 business entities are ready to accept HUMO as a good or service. This will provide authorities with useful information on blockchain payments. It will also demonstrate how merchants and banks process stablecoin settlements.
How HUMO will operate throughout Uzbekistan
It will link banking, payment processing, and blockchain infrastructure. This should enable the businesses that participate to finalize payments through HUMO. In addition, the system will be used to explore the potential for integration between traditional networks and blockchain networks.
The HUMO stablecoin will be backed by government securities during the trial. This support is designed to boost the stability and worth of the token. Authorities will, however, keep a close watch on the assets of HUMO.
NAPP says the arrangement can last up to 3 years. It will be supervised by the Central Bank and NAPP. As a result, HUMO will continue to be directly regulated.
In November 2025, Uzbekistan declared its gradual transition to stablecoin payments. The officials were going to conduct these experiments with a regulatory sandbox. As a result, authorities have the opportunity to investigate new technology while controlling the possible financial risks.
The project is also designed to streamline business settlements and make them more transparent. Moreover, officials desire more robust transaction security via blockchain technology. These objectives may contribute to the broader acceptance of digital payments in Uzbekistan.
Uzbekistan to Closely Monitor HUMO Stablecoin Risks
Authorities will keep an eye on a number of risks during the program. These include issues relating to liquidity, financial crime and cybersecurity. Therefore, regulators will closely examine HUMO and its supporting infrastructure.
The government securities backing HUMO should be adequate in terms of coverage and liquidity. This need can contribute to the stability of the token. Meanwhile, anti-money laundering and counter-terrorism financing regulations will be applied.
The project might offer valuable insights into the characteristics of stablecoins as payment methods. Furthermore, if it is successful, it could stimulate further development of financial technology. But regulators will first take a look at the risks and performance of HUMO.
For now, HUMO represents a controlled step toward blockchain-based payments. It is a mix of government securities, banks, merchants, and blockchain technology. Meanwhile, the Central Bank and NAPP will have regulatory oversight.
