Uzbekistan Launches Government-Backed Stablecoin Payment Pilot

Uzbekistan Launches Government-Backed Stablecoin Payment Pilot

Uzbekistan has officially launched a controlled testing initiative for a blockchain-based digital payment system, introducing a stablecoin pegged directly to its national currency and secured by government financial instruments. The National Agency for Prospective Projects (NAPP) announced that it has registered Humo Digital as an authorized participant in the regulatory sandbox, operating under joint supervision from NAPP and Uzbekistan’s central banking authority. This development marks a significant step in how emerging-market economies are approaching digital currency experimentation.

Stablecoin Design and Merchant Testing

The HUMO stablecoin maintains a consistent one-to-one peg with the Uzbek som, with each token backed by government securities. This collateralization structure provides a direct linkage to state financial assets, distinguishing HUMO from many other stablecoin projects that rely on alternative reserve mechanisms or commercial banking arrangements.

The practical deployment will involve extensive merchant testing across multiple commercial sectors. More than 20 vendors have committed to accepting HUMO for customer purchases of goods and services. Simultaneously, the pilot encompasses technical integration with participating financial institutions, connecting their conventional payment-processing systems with blockchain infrastructure. Asterium, a licensed cryptocurrency exchange operator, has joined the initiative as an official project partner, providing expertise and infrastructure support.

Regulatory Framework and Oversight Timeline

According to the Central Bank of Uzbekistan, the initial testing phase operates on a one-year timeline, though the overall project authorization extends to three years, allowing for comprehensive evaluation and potential expansion. Regulators have established a detailed supervisory agenda. They will continuously assess the adequacy of the token’s underlying collateral reserves, evaluate cybersecurity measures against potential threats, review consumer protection frameworks, verify compliance with anti-money laundering regulations, and monitor the initiative for any risks to financial stability or broader price stability within the economy.

This pilot follows a regulatory framework that Uzbekistan approved during November 2025. At that time, the government outlined its intention to permit controlled sandbox environments for stablecoin payment experiments, alongside provisions for testing tokenized securities and tokenized debt instruments.

Uzbekistan’s government-backed stablecoin initiative reflects broader trends among central Asian and emerging-market authorities seeking to modernize payment systems through blockchain technology. By creating supervised testing environments, regulators can accumulate real-world data on stablecoin functionality, operational risks, and integration requirements while maintaining protective oversight of systemic risks and consumer interests. This development demonstrates that institutional blockchain adoption extends beyond speculative digital assets—government-backed payment systems are gaining traction globally and may reshape how central bank digital currencies and stablecoins coexist within national financial systems.

Source: Central Bank of Uzbekistan, via Cointelegraph. Not financial advice.