Uzbekistan’s Stablecoin Payment System Pilot Program
In a transformative initiative, Uzbekistan is embarking on a pilot program to test a new stablecoin payment system, designed to be pegged to the national currency, the Uzbek som. This innovative effort involves the participation of Humo Digital, a project approved jointly by the National Agency for Prospective Projects (NAPP) and the Central Bank of Uzbekistan. The scheme will allow the issuance and use of tokens specifically backed by government securities.
Regulatory Sandbox and Merchant Participation
NAPP announced on Monday that Humo Digital has been registered to take part in this unique regulatory sandbox, which will accommodate over 20 local merchants willing to engage in transactions using HUMO payments. Consumers will be able to purchase goods and services while offering crucial feedback on the new payment method.
Integration and Support
To enhance the project’s operational capabilities, the integration of banking institutions’ payment-processing systems and blockchain networks will be a critical component. The partnership with Asterium, a licensed cryptocurrency exchange, aims to bring additional support to the initiative as it unfolds.
Trial Duration and Evaluation
The Central Bank has outlined that the initial phase of the trial is set to last for a year, although the entire project is expected to be in place for up to three years. Officials will meticulously evaluate the stability and security measures surrounding the tokens used in transactions, including the effectiveness of collateral, consumer protection policies, anti-money laundering frameworks, as well as general financial stability risks.
Regulatory Framework
This pilot follows a regulatory framework established in November 2025, which laid the groundwork for stablecoin trials in Uzbekistan, positioning it alongside innovative measures for tokenized shares and bonds.
