Uzbekistan Has Launched a Pilot Project Using the HUMO Stablecoin to Pay for Goods and Services

• Uzbekistan is launching a pilot project to use stablecoins as a means of payment.
• The HUMO stablecoin will be pegged to the Uzbek som at a 1:1 ratio.
• The token will be backed by government securities and used to pay for goods and services.
• The pilot project is designed to run for up to three years.

Uzbekistan has launched a pilot project to use the HUMO stablecoin as a payment instrument. The initiative is being implemented by the National Agency for Perspective Projects (NAPP) together with the country’s Central Bank.

As part of the project, the mechanisms for issuing, circulating, and redeeming the HUMO stablecoin will be tested. The value of one token will be equal to one Uzbek som.

Humo Digital, in coordination with the Central Bank, has been registered as a participant in the Special Legal Regime for regulating stablecoin circulation.

The project’s partner is Asterium, which holds licenses to organize and operate a crypto depository, a crypto exchange, and a crypto shop. Banks and other businesses will also be involved in the rollout.

The pilot provides for:

• the issuance of HUMO backed by government securities
• the use of the token as an official means of payment for goods and services in Uzbekistan
• the integration of participants’ banking, processing, and blockchain infrastructure to enable settlements.

According to the agency, more than 20 entrepreneurs and merchants are ready to join the project.

The Project Will Run for Up to Three Years

The pilot project is planned to be implemented over three years. Its progress will be overseen by NAPP and the Central Bank of Uzbekistan.

The initiative’s main goal is to test stablecoins as a new payment instrument. HUMO is expected to help speed up settlements in business activity, as well as increase transaction transparency and security.

At the same time, as part of the pilot, regulators plan to identify related risks and develop mechanisms to minimize them.

Earlier, we reported that Uzbekistan created a special zone for “green” mining with tax incentives.

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