Uzbekistan has launched a pilot project to test HUMO, a stable token pegged to the Uzbek soum, as a means of payment. The project is being implemented under the supervision of the Central Bank of the Republic of Uzbekistan and the National Agency for Perspective Projects. The official announcement was published on 7 September 2026.
Under the pilot, 1 HUMO is pegged to 1 Uzbek soum. The token is intended to be issued against collateral in the form of government securities of the Republic of Uzbekistan.
The project will test the issuance, circulation and redemption of HUMO, as well as its use for payments and for accepting payments for goods and services in Uzbekistan.
A key part of the project is the planned integration of banking, payment-processing and blockchain infrastructure. This could allow settlements using HUMO to connect regulated financial infrastructure with blockchain-based transactions.
The project is being carried out within Uzbekistan’s special legal regime for stable tokens, effectively providing a regulatory sandbox for testing new financial and technological solutions.
HUMO Digital LLC has been registered as a participant in the special legal regime with the approval of the Central Bank. The project’s partner is Asterium JSC, which holds licences covering crypto-depository, crypto-exchange and crypto-shop activities.
A regulated stablecoin experiment
The pilot is not simply about creating another cryptocurrency. Uzbekistan’s regulators will use the project to assess whether a stable token backed by government securities can work within the country’s financial system.
The authorities will examine several areas, including the adequacy and protection of collateral, transaction transparency, financial and operational risks, cybersecurity, consumer protection and anti-money-laundering compliance.
The Central Bank will also monitor the project for its compatibility with monetary-policy objectives and potential risks to financial and price stability.
The initial pilot period is 12 months, although it can be extended under the applicable rules. The total duration of the project cannot exceed three years.
At the end of the pilot, Uzbekistan plans to assess the practical viability and risks of the government-security-backed stable-token model and use the results to further develop its regulatory approach to digital financial instruments.
For Central Asia, the experiment is significant. Uzbekistan is testing whether a blockchain-based stable token can become part of a regulated payment infrastructure rather than remaining primarily an investment or trading instrument.
Primary source: Central Bank of the Republic of Uzbekistan – Uzbekistan Launches Pilot Project to Use the HUMO Stable Token as a Means of Payment