Uzbekistan has started a pilot program to test the HUMO stablecoin as a payment tool for goods and services. The initiative is being carried out by the National Agency for Perspective Projects, or NAPP, together with the Central Bank of Uzbekistan.

The trial is designed to examine how the token can be issued, circulated and redeemed under official oversight. According to the project framework, each HUMO token will be pegged 1:1 to the Uzbek som.

How the pilot is structured

The pilot will test the full operating cycle of the HUMO stablecoin, from issuance to use in payments and eventual redemption. Officials said the token is intended to function as an official means of payment for goods and services in Uzbekistan during the project.

Humo Digital, working in coordination with the Central Bank, has been registered as a participant in the Special Legal Regime that governs stablecoin circulation. The rollout also includes Asterium as a partner; the company holds licenses to organize and operate a crypto depository, a crypto exchange and a crypto shop.

Backing and infrastructure plans

Under the announced model, HUMO will be backed by government securities, while its exchange value will match the national currency on a one-to-one basis. The project also calls for integrating banking, processing and blockchain infrastructure among participants so settlements can be carried out through the system.

Banks and other businesses are expected to take part alongside the core project entities. Regulators are using the pilot to assess how stablecoin-based payments work in practice within Uzbekistan’s existing financial and technical environment.

Early participation from merchants

According to NAPP, more than 20 entrepreneurs and merchants are already prepared to join the pilot. Their involvement is expected to provide a practical test of whether the token can be used for routine commercial payments rather than remaining a limited technical exercise.

That merchant participation is central to the project’s stated purpose: evaluating stablecoins as a new payment instrument in real business activity. The authorities say the trial should show how the model performs when used across different market participants.

What regulators want to learn next

The program is set to run for up to three years, with NAPP and the Central Bank supervising progress. Beyond testing the mechanics of issuance and settlements, the authorities say they want to measure whether HUMO can accelerate business payments and improve transaction transparency and security.

At the same time, the pilot is intended to surface any risks tied to stablecoin use and help regulators develop tools to reduce them. The next confirmed step is continued monitoring of the project as participating businesses, banks and infrastructure providers begin operating within the trial framework.

Source: incrypted.com