Uzbekistan has officially launched a payment pilot for a stablecoin backed by government securities, marking another step in the country's cautious expansion of digital asset use cases.

The National Agency for Prospective Projects (NAPP) said Monday that it had registered Humo Digital as a participant in a special regulatory regime managed jointly with the Central Bank of Uzbekistan. Under the pilot, Humo Digital will test the issuance, circulation and redemption of HUMO, a stablecoin designed to maintain a one-to-one peg with the Uzbek som.

Stablecoin tied to government securities

Unlike fiat-collateralized stablecoins that are typically backed by cash or commercial bank deposits, HUMO is positioned as a token whose value and stability are underpinned by government securities. The arrangement is intended to provide a transparent and regulated collateral base while allowing approved market participants to integrate blockchain-based payments with the established financial system.

According to the announcement, more than 20 merchants are prepared to accept HUMO payments for goods and services during the initial phase. The merchant network will be crucial for testing whether a government bond-backed stablecoin can function as a practical means of exchange in everyday commercial settings, rather than serving only as a store of value or trading instrument.

The pilot also involves the integration of participating banks' payment-processing and blockchain infrastructure. That integration suggests the project is not isolated to crypto-native platforms but is meant to bridge digital token transactions with the backend systems used by commercial banks. As a project partner, Asterium, a licensed crypto exchange in Uzbekistan, will support the operational and technical side of the trial.

Sandbox regime with central bank supervision

The pilot operates within a sandbox framework that was formally approved in November 2025. That framework was designed to allow Uzbekistan to test stablecoin payment solutions in a controlled environment while also preparing legal ground for tokenized shares and bonds. By running a time-bound experiment under close scrutiny, regulators hope to learn how stablecoin issuance and circulation interact with monetary policy, consumer protection and the broader banking system.

The Central Bank of Uzbekistan has confirmed that the initial trial will last 12 months. The total duration of the project is capped at three years, giving authorities flexibility to extend or gradually scale the experiment if early outcomes are positive. Regulators will assess several areas, including the adequacy and safeguarding of the token's collateral, cybersecurity, consumer safeguards, anti-money laundering controls, and potential risks to financial and price stability.

The three-year ceiling also suggests that Uzbekistan does not intend to turn the sandbox into an open-ended arrangement. Participants will be expected to meet clear criteria and demonstrate that the stablecoin model can operate without creating new vulnerabilities in the financial system.

Merchant adoption and payment flows

The selection of over 20 merchants marks a key step toward real-world usage. These merchants will provide data on how readily consumers adopt a stablecoin for small-value transactions, how quickly settlements are processed, and how the token's value remains anchored to the som through periods of market volatility.

For a currency-pegged stablecoin, maintaining parity is the central challenge. HUMO's peg is intended to be supported by government securities, giving it a collateral profile that is different from stablecoins backed solely by short-term corporate paper or digital assets. Authorities will examine whether the backing assets can be liquidated quickly enough under stress and whether their market value remains sufficient to protect token holders.

The project will also test interoperability between blockchain networks and the traditional banking rails used by Uzbek payment systems. If banks and the licensed exchange can integrate smoothly, the model could become a template for other central banks and regulators exploring stablecoin arrangements in emerging markets.

Asterium and the role of licensed exchanges

Asterium's involvement as a project partner reflects the importance of regulated trading venues in the Uzbek crypto ecosystem. By connecting the issuance and redemption process to a licensed exchange, the pilot can offer more transparency around how tokens enter circulation and how they are converted back into fiat currency.

It also gives regulators a natural window into the market. Observing token flows through a licensed exchange can help authorities track whether stablecoin activity is being used for legitimate payments or whether it is drifting toward unapproved speculative use. The exchange's participation aligns with Uzbekistan's broader strategy of building a licensed digital asset industry rather than allowing crypto activity to develop outside formal oversight.

Humo Digital, the entity responsible for the HUMO token, is now registered as a sandbox participant, meaning it must comply with conditions set by both NAPP and the central bank. The exact terms of the registration were not disclosed, but sandbox participants typically need to provide regular reports, maintain minimum capital, implement customer identification procedures and submit to audits.

Global context for stablecoin pilots

Uzbekistan's pilot comes at a time when stablecoins have moved to the center of global crypto policy debates. Many jurisdictions are considering how to regulate stablecoins used for payments, while some have already introduced dedicated legal frameworks addressing reserve requirements, redemption rights and supervisory authority.

For Uzbekistan, the HUMO project offers an alternative to both privately issued stablecoins backed by corporate assets and central bank digital currencies. The government bond-backed design can be seen as an attempt to create a sovereign-linked digital currency-like instrument without fully issuing a central bank digital currency (CBDC).

This approach may appeal to regulators who want the benefits of tokenized payments, such as faster settlement and programmability, without conceding monetary control to private issuers. Since HUMO's collateral consists of government securities, the stability of the token is tied to the creditworthiness of the state itself. That creates a high degree of congruence between the token's value and the national fiat system.

Uzbekistan's evolving crypto regulation

Uzbekistan has steadily built out a regulated crypto market over recent years. NAPP has been the lead agency supervising digital assets and crypto exchanges, issuing licenses to platforms that meet local requirements. The country has also taken steps to establish clear tax and legal treatment for crypto income and ownership.

The November 2025 framework was a significant addition to this regulatory architecture. By explicitly permitting stablecoin payment trials under a sandbox, the government opened the door for businesses to experiment with tokenized payments without being forced into either a full banking license or an unregulated gray area. The same framework also anticipated tokenized shares and bonds, suggesting a broader interest in blockchain-based capital market instruments.

This new stablecoin pilot should therefore be understood not as an isolated test but as part of a wider digital asset agenda. Regulators are likely to use data from the HUMO trial to calibrate future rules for both payment stablecoins and security tokens.

Potential risks under examination

The central bank has identified a set of core risk areas that will be monitored throughout the pilot. Chief among them is the adequacy of collateral. Should the value of the government securities backing HUMO decline, regulators need to know whether the token can remain fully redeemable and whether holders are treated fairly in a default scenario.

Cybersecurity is another key concern. Any financial application that handles token issuance and payments becomes an attractive target for hackers. The sandbox will test whether Humo Digital and its banking partners can protect against unauthorized access, smart contract vulnerabilities and operational failures.

Consumer safeguards are also at stake. In the event of a technical glitch or a dispute over a payment, users need clear channels for recourse. Because stablecoins are still relatively new in Uzbekistan, the pilot will help determine what information and protections should be provided to merchants and individual users.

Anti-money laundering controls will receive special attention. The ability to transfer tokens quickly across borders can create risks of illicit finance if the system is not properly supervised. Regulators want to see evidence that Humo Digital and participating platforms have robust know-your-customer procedures and transaction-monitoring systems in place.

Finally, the central bank will evaluate risks to financial and price stability. If a large volume of som were to move out of bank deposits into a stablecoin, it could reduce the liquidity available to commercial lenders. Conversely, if the stablecoin suddenly lost its peg, it could undermine confidence in digital payments. By running the project inside a sandbox, regulators can examine these dynamics before deciding whether to approve a permanent system.

Regional momentum in digital asset policy

The pilot in Uzbekistan also stands out in a regional context where several post-Soviet states are exploring different models for crypto integration. Some nearby countries have considered creating state-backed crypto reserves or introducing CBDCs, while others are still working on basic licensing rules.

Uzbekistan's choice to anchor a payment stablecoin to government securities is a distinctive method of making state involvement clear while retaining room for private sector participation. It effectively gives the token a sovereign collateral basis, which could increase trust among merchants and users who might otherwise be skeptical of stablecoin projects.

Still, success is not guaranteed. The pilot will confront practical hurdles, including merchant willingness to accept a new digital currency, user familiarity with blockchain wallets, technical friction during point-of-sale payments and competition from existing electronic payment methods. Uzbekistan already has widely used digital payment services, so the HUMO stablecoin will need to demonstrate clear benefits to gain traction in the mainstream economy.

Testing a three-year vision

With a minimum 12-month initial trial and a maximum three-year duration, the HUMO project provides room for iterative development. Regulators can adjust conditions as they learn from live data, and Humo Digital can refine the token's mechanics, liquidity management and user experience over time.

The inclusion of banks in the payment-processing chain is a signal that Uzbekistan wants stablecoin activity to operate through formal financial institutions rather than bypassing them. By linking the token to the commercial banking infrastructure, regulators may be better able to enforce capital controls, monitor transaction flows and protect the monetary system from a parallel payment network that operates outside state supervision.

For the crypto industry, the pilot represents another example of stablecoins being used as a serious payment tool rather than a speculative asset. If the trial proves successful, HUMO could become one of the first stablecoins backed by government securities to be used widely for retail payments in an emerging market.

If the trial fails, however, it could still provide valuable information about the limits of the model. Regulators will learn what collateral structures are practical, which oversight methods work best and how stablecoin projects must be designed to coexist with sovereign currencies and bank-centric payment systems.

For now, all eyes are on Humo Digital, the 20-plus participating merchants and the regulatory authorities that have agreed to supervise a complex experiment at the intersection of traditional finance and blockchain technology. The next 12 months will produce a dataset that could guide Uzbekistan's digital asset policies well beyond the current pilot, potentially shaping official approaches to stablecoins in other countries facing similar questions about the future of money and payments.

Source: Cointelegraph News