Uzbekistan Pilots Government-Backed Stablecoin for Payments

Uzbekistan has launched a pilot program to test a government-backed stablecoin, named HUMO, designed for everyday payments and integrated with the nation's existing financial infrastructure. The initiative, overseen by the Central Bank and the National Agency for Perspective Projects (NAPP), aims to explore the practical application of a digital token pegged to the Uzbek soum and backed by sovereign assets. The HUMO stablecoin is designed to represent one Uzbek soum, with its value directly tied to Uzbek government securities. This structure distinguishes it from many international stablecoins that rely on dollar reserves. HUMO Digital LLC, the issuer, has been registered under Uzbekistan's special legal regime for stable tokens. The pilot program will test the entire lifecycle of the stablecoin, including its issuance, circulation, and redemption. More than 20 merchants are participating in the pilot, using HUMO to pay for goods and services. A key component of the experiment involves integrating blockchain technology with traditional banking and payment processing systems.