Uzbekistan Launches HUMO Stablecoin Payment Pilot Backed by Government Securities

iconKuCoinFlash
Share
AI summary iconSummary
Uzbekistan’s efforts to regulate stablecoins are gaining momentum as the NAPP and the central bank launch a HUMO stablecoin pilot backed by government securities. The HUMO stablecoin, pegged 1:1 to the Uzbek som, will be tested in a regulatory sandbox by Humo Digital. More than 20 merchants have joined the initiative, which will evaluate compliance with AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism), cybersecurity, and other risks. Asterium, a licensed exchange, is a key partner. The pilot will run for 12 months, extendable to three years, covering issuance, circulation, and redemption.

Odaily Planet Daily reports: The National Agency for Forward-Looking Projects (NAPP) of Uzbekistan, in collaboration with the central bank, has launched a pilot program for a stablecoin payment system backed by government securities. Humo Digital has been approved to test the HUMO stablecoin, pegged 1:1 to the som, within a regulatory sandbox, with over 20 merchants already participating. The pilot will evaluate issuance, circulation, and redemption processes; Asterium, a licensed crypto exchange, is a partner. The pilot duration is 12 months, with a maximum total duration of three years. Regulators will assess collateral adequacy, cybersecurity, consumer protection, anti-money laundering measures, and risks to financial and price stability.

Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.