Uzbekistan has launched a regulated pilot for stablecoin-based everyday payments, testing the digital token HUMO, which is pegged to the Uzbek som and backed by government securities. More than 20 merchants nationwide are ready to participate. The trial places Uzbekistan among a growing set of countries experimenting with regulated stablecoins for retail payments, a field where most live deployments to date — such as regulated fiat-backed tokens in other jurisdictions — have been denominated in hard currencies rather than local emerging-market units.

A Regulated Trial Under NAPP and the Central Bank

The initiative was announced by the National Agency for Perspective Projects (NAPP), which is working with the Central Bank of Uzbekistan to oversee the project. Humo Digital LLC has joined a special regime for the regulation of stablecoins. The HUMO name is already familiar in Uzbekistan's payments landscape, where it is associated with one of the country's major domestic card and payment networks, giving the token a recognizable brand as it enters merchant checkout flows.

The pilot is grounded in Presidential Resolution No. PP-359 of November 27, 2025, which is aimed at developing Uzbekistan's financial services sector and facilitating new technologies and modern payment methods. NAPP, established in recent years as Uzbekistan's dedicated regulator for crypto assets and digital finance, has been the authority behind the country's licensing of crypto exchanges and mining operations.

The arrangement is based on a fixed ratio of 1 HUMO = 1 Uzbek som, and the token is designed to maintain a stable value. Humo Digital will manage the issuance, circulation, and redemption of HUMO.

According to Interfax, banks, businesses, and crypto companies will support the initiative. Asterium JSC will be one of the main project partners; the company holds licenses to operate as a crypto exchange, a crypto-depository, and a crypto-shop.

Over 20 business entities are prepared to accept HUMO as payment for goods and services. This will give regulators useful data on blockchain payments and demonstrate how merchants and banks process stablecoin settlements — practical evidence few jurisdictions have gathered for a som-denominated instrument.

How HUMO Will Operate Across Uzbekistan

The system will link banking, payment processing, and blockchain infrastructure, enabling participating businesses to finalize payments through HUMO. It will also be used to explore the potential for integration between traditional payment networks and blockchain networks.

During the trial, the HUMO stablecoin will be backed by government securities — a support structure intended to reinforce the token's stability and value. Backing a retail stablecoin with domestic sovereign debt differs from the reserve models used by major global stablecoins, which typically hold cash and short-term instruments; the Uzbek approach ties the token's stability directly to local state securities, and authorities will nonetheless keep the HUMO reserve assets under close watch.

NAPP says the arrangement can run for up to three years, supervised jointly by the Central Bank and NAPP, meaning HUMO will remain directly regulated throughout. The multi-year horizon signals that authorities view the pilot as a long-term learning exercise rather than a short proof-of-concept.

In November 2025, Uzbekistan declared its intention to transition gradually to stablecoin payments, with officials planning to run these experiments within a regulatory sandbox. This gives authorities room to investigate new technology while controlling potential financial risks.

The project is also designed to streamline business settlements and make them more transparent. Officials additionally seek stronger transaction security through blockchain technology — objectives that could support broader adoption of digital payments in Uzbekistan, where card and mobile payments have been expanding as the country modernizes its financial infrastructure.

Regulators to Closely Monitor HUMO Risks

Authorities will monitor several risk areas during the program, including liquidity, financial crime, and cybersecurity. Regulators will scrutinize both HUMO and its supporting infrastructure. The attention to reserve adequacy mirrors concerns regulators elsewhere have raised about stablecoin reserves following past high-profile failures in the sector.

The government securities backing HUMO are expected to be adequate in terms of coverage and liquidity, a requirement intended to support the token's stability. Anti-money laundering and counter-terrorism financing regulations will also apply.

The pilot may offer valuable insight into how stablecoins perform as payment instruments, and if successful, it could stimulate further development of financial technology. Regulators, however, will first assess HUMO's risks and performance. Watchpoints going forward include how many of the 20-plus merchants transact in practice, how redemption of HUMO for som functions under real demand, and whether the Central Bank and NAPP publish interim findings that could shape permanent stablecoin rules.

For now, HUMO represents a controlled step toward blockchain-based payments, combining government securities, banks, merchants, and blockchain technology, with the Central Bank and NAPP retaining regulatory oversight.