Uzbekistan’s National Agency for Prospective Projects (NAPP) has initiated a pilot program to test a new stablecoin, HUMO, pegged one-to-one to the Uzbek som. The token is fully backed by government securities, aiming to facilitate electronic payments and assess digital asset adoption within the country’s regulatory framework.
Pilot Project Structure
On Monday, NAPP announced the registration of Humo Digital as a participant in a special regulatory regime that it manages together with the Central Bank of Uzbekistan. The pilot will test the issuance, circulation, and redemption of HUMO tokens, each representing the value of one Uzbek som. This effort will allow authorities to evaluate the technical and regulatory aspects of digital stablecoins in the national payment system.
The project involves more than 20 local merchants who have agreed to accept HUMO payments for goods and services as part of the pilot. This will help determine the feasibility of using the stablecoin for real-world purchases across various sectors.
Integration of payment processing and blockchain infrastructure from participating banks is a key component of the pilot. The licensed cryptocurrency exchange Asterium will act as a project partner, further broadening the ecosystem of institutions contributing to the digital asset’s development and oversight.
Mini dictionary: National Agency for Prospective Projects (NAPP), Uzbekistan’s regulatory authority overseeing innovative technology implementations, including the crypto and digital asset sectors.
Regulatory Oversight and Evaluation
The Central Bank of Uzbekistan reported that the initial trial period will last for 12 months. The overall project duration has been set at a maximum of three years, ensuring sufficient time for a comprehensive assessment of the stablecoin’s impact and any necessary regulatory adjustments.
Authorities plan to review several core aspects of the pilot, including the adequacy of the token’s collateral, cybersecurity measures, consumer protections, anti-money laundering protocols, and broader risks to both financial and price stability in Uzbekistan.
NAPP stated, “More than 20 merchants are prepared to test HUMO payments for goods and services.”
The pilot builds on a regulatory framework approved in November 2025, which paved the way for stablecoin payment sandboxes and regulations covering tokenized shares and bonds. This framework enables Uzbekistan to foster innovation while maintaining oversight over emerging financial technologies.
Regional Context
Uzbekistan’s digital currency initiative aligns with broader regional efforts to modernize the financial sector. Neighboring countries are also exploring crypto-focused policies, as seen with Kyrgyzstan introducing a state crypto reserve in recent legislation.
