Uzbekistan Launches Stablecoin Payment Pilot Project

The State Agency for Future Projects of Uzbekistan and the Central Bank will launch a stablecoin payment pilot program to test the issuance, circulation, and redemption mechanisms of the HUMO stablecoin. Under the project arrangements, one HUMO stablecoin will be equivalent to one Uzbek som and will be backed by government securities. Within the pilot scope, the token will be used for payment scenarios involving goods, services, and other transactions, with over 20 merchants already expressing readiness to participate.