Uzbekistan’s National Agency for Prospective Projects (NAPP) and Central Bank have launched a pilot project to test stablecoins as a payment instrument for goods and services. The initiative will use the HUMO stablecoin, with 1 HUMO equivalent to 1 Uzbek sum, and will test its issuance, circulation, redemption and use for payments. The pilot is expected to run for up to three years, while regulators assess financial, cybersecurity, consumer protection and anti-money laundering risks.
Key Overview
- Uzbekistan is testing HUMO stablecoins for payments for goods and services.
- 1 HUMO is equivalent to 1 Uzbek sum.
- Humo stablecoins will be backed by government securities.
- More than 20 businesses are ready to participate in the pilot.
- Humo Digital LLC has been registered with the Central Bank under the special legal regime for stable tokens.
- Asterium JSC, banks and other businesses are participating in the project.
- The initial trial period is 12 months, with the overall project capped at three years.
Uzbekistan Tests HUMO Stablecoin Payments
Uzbekistan’s National Agency for Prospective Projects (NAPP) and Central Bank have launched a pilot project to test the use of stablecoins for paying for goods and services.
The NAPP said the project is being carried out in accordance with a presidential decree on measures for the further development of financial services in Uzbekistan. The initiative is intended to test the use of stable tokens as a means of payment.
The pilot centers on the Humo stablecoin, issued by Humo Digital LLC. One Humo is equivalent to 1 Uzbek sum.
Humo Digital LLC has been registered with the Central Bank as a participant in the special legal regime regulating stable tokens.
Government Securities to Back Humo Stablecoins
A key component of the pilot is the issuance of Humo stablecoins backed by government securities.
The project will test the mechanisms for the issuance, circulation, and redemption of Humo stablecoins, alongside their use as an official mode of payment and acceptance for goods, work and services in Uzbekistan.
More than 20 businesses are ready to participate in the pilot project.
The initiative will also involve the integration of the banking, processing and blockchain infrastructure of participating entities. This is intended to facilitate settlements using Humo.
Humo Digital and Asterium Participate
The pilot project brings together Humo Digital LLC, Asterium JSC, banks and other businesses.
Asterium JSC is licensed to operate as a crypto depository, crypto exchange and crypto store and is participating as a partner in the project.
The experiment will cover the issuance, circulation and redemption of HUMO, as well as payments for goods and services.
By testing these functions within a controlled environment, the project will allow regulators to assess how the stablecoin operates alongside existing financial and payment infrastructure.
Regulators to Assess Stablecoin Risks
The pilot is designed not only to test the use of stablecoins for payments but also to help authorities identify and manage associated risks.
Authorities plan to examine the adequacy and safeguarding of the token’s collateral, cybersecurity protections, consumer safeguards and anti-money laundering controls.
Regulators will also monitor potential risks to financial and price stability within 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 while increasing transaction transparency and security.
At the same time, the pilot will allow regulators to identify related risks and develop mechanisms to minimize them.
The NAPP said, “The pilot project will further stimulate the introduction and use of advanced technologies to develop Uzbekistan’s financial sector.”
Context is everything. Stay ahead of shifting trends with today’s market updates, and uncover emerging opportunities using the Serrari Group Market Index and Marketplace. Then, take control of your own financial future by exploring our Money & Life Reset Transformation Blueprint ™ to build stronger habits, create better systems, and design a path toward lasting wealth.
Pilot Set for Up to Three Years
According to the Central Bank of Uzbekistan, the initial trial period is set at 12 months, while the overall project is capped at three years.
The extended timeframe is intended to provide sufficient time for a thorough assessment of the token’s impact before any permanent rules are adopted.
The progress of the pilot will be overseen by the National Agency of Perspective Projects (NAPP) and the Central Bank.
The three-year framework gives authorities time to assess the stablecoin’s operation, including its collateral arrangements, payment functionality, security and potential implications for the broader financial system.
Uzbekistan’s Stablecoin Regulatory Framework
The pilot builds on a regulatory framework approved in November 2025, which opened the door for stablecoin payment sandboxes and included provisions covering tokenized shares and bonds.
The framework was designed to allow Uzbekistan to foster financial innovation while maintaining supervisory oversight of emerging technologies.
The HUMO pilot therefore represents a controlled test rather than an immediate overhaul of the country’s payment system.
By anchoring the token to government debt and initially limiting its use to a defined group of merchants, regulators can assess whether stablecoins can function safely and efficiently alongside traditional money.
Digital Finance Experiment in Central Asia
Uzbekistan’s move forms part of a broader pattern of digital-asset experimentation across Central Asia.
The country has previously created a special zone for “green” mining with tax incentives. The HUMO pilot adds stablecoin payments to the areas of digital-asset activity being tested under regulatory supervision.
The initiative involves Humo Digital, Asterium, banks and more than 20 trading companies, with the pilot covering the issuance, circulation and redemption of HUMO and payments for goods and services.
Outlook
Uzbekistan’s HUMO stablecoin pilot will provide regulators with an opportunity to assess the practical use of stablecoins for payments while maintaining oversight of financial and technological risks. The initial 12-month trial, within an overall period of up to three years, will focus on areas including collateral protection, cybersecurity, consumer safeguards, anti-money laundering controls and financial and price stability. The findings could help determine how stablecoin payment rules develop after the pilot period.
FAQs
1. What is the HUMO stablecoin?
HUMO is a stablecoin issued by Humo Digital LLC, with 1 HUMO equivalent to 1 Uzbek sum.
2. What will the Uzbekistan stablecoin pilot test?
The pilot will test the issuance, circulation and redemption of HUMO, as well as its use for paying for goods, work and services.
3. How long will the HUMO stablecoin pilot last?
The initial trial period is 12 months, while the overall project is capped at three years.
4. What risks will regulators assess during the pilot?
Authorities will examine collateral safeguards, cybersecurity, consumer protection, anti-money laundering controls, and financial and price stability risks.
Sources: interfax, Encrypted, BigGo Finance, Daryo, KuCoin, BitKE
Your financial future isn’t something you wait for—it’s something you build.
The real question is: when do you begin?
Move beyond simply staying informed.
Navigate the markets with clarity—track trends through the Serrari Group Market Index, uncover opportunities in the Serrari Marketplace, and build practical knowledge with our Curated Wealth Builder Platform.
Stay connected to what truly matters.
Get daily insights on macro trends and financial movements across Kenya, Africa, and global markets—delivered through the Serrari Newsletter.
Growth opens doors.
Advance your career through professional programs including ACCA, HESI A2, ATI TEAS 7 , HESI EXIT , NCLEX – RN and NCLEX – PN, Financial Literacy!🌟—designed to move you forward with confidence.
See where money is flowing—clearly and in real time.
Track Money Market Funds, Treasury Bills, Treasury Bonds, Green Bonds, and Fixed Deposits, alongside global and African indexes, key economic indicators, and the evolving Crypto and stablecoin landscape—all within Serrari’s Market Index.
