ChainCatcher report: Uzbekistan has launched a pilot project to test a som-pegged stablecoin payment system backed by government securities. The National Agency for Project Implementation (NAPP) announced on Monday that Humo Digital has been registered as a participant in a special mechanism jointly regulated by the central bank. The pilot will test the issuance, circulation, and redemption of HUMO tokens, each pegged to 1 Uzbekistani som. According to NAPP, over 20 merchants are prepared to accept HUMO payments, and the project will integrate payment processing and blockchain infrastructure from participating banks, with the licensed cryptocurrency exchange Asterium serving as a project partner. The Central Bank of Uzbekistan stated that the initial trial will last 12 months, with a maximum total project duration of three years; regulators will assess the adequacy and security of token collateral, cybersecurity, consumer protection, anti-money laundering controls, and risks to financial and price stability. This pilot follows a framework approved in November 2025, when Uzbekistan announced plans to permit stablecoin payment trials under a sandbox regime, alongside provisions for tokenized stocks and bonds.
Uzbekistan Launches Som-Backed Stablecoin Payment Pilot
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Summary
Uzbekistan has launched a pilot program for stablecoin regulation to test payments using a som-backed stablecoin. HUMO tokens, each pegged to 1 som, will be issued under the supervision of the central bank. The Central Bank will evaluate AML/CFT controls, cybersecurity, and financial stability. Over 20 merchants are prepared to accept HUMO payments, with Asterium as a partner. The trial will last up to three years, following a regulatory framework approved in November 2025.
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