The Central Bank of Uzbekistan has launched the HUMO stablecoin in pilot operation together with the National Agency for Prospective Projects under the government of the republic. The new stable token is pegged to the sum, and the authorities want to allow its use as an official means of payment.
How the Stable Token Will Work
The Central Bank of the Republic of Uzbekistan plans to issue HUMO as part of a three-year experiment. The issuance is backed by government securities, linking the project not only to the payment infrastructure but also to securities market instruments.
At the first stage, the HUMO test will be organized as follows:
- Participants: 20 legal entities.
- Permitted operations: payment for goods, works, and services within the country.
- Infrastructure for verification: banking, processing, and blockchain infrastructure.
The regulator expects that this format will speed up commercial payments and make them more transparent and secure. For Uzbekistan, this is another step toward the introduction of financial technologies into everyday payments.
The HUMO pilot should show whether a stablecoin pegged to the sum can work in regular payments together with banking and payment infrastructure.
Who Is Responsible for Issuing HUMO
The project operator is Humo Digital. The company has received the status of a participant in a special legal regime that regulates the circulation of stable tokens.
The partner is Asterium. The company can service several elements of infrastructure related to digital assets because it has licenses to operate in the following areas:
- Crypto depository.
- Crypto exchange.
- Crypto store.
NAPP is participating in the launch together with the Central Bank. For regulators, this project is important as a test of how cryptocurrency and tokenization in information security can be combined with the requirements of the payment market and government oversight.
Why the Launch of HUMO Is Important for Uzbekistan
The special legal regime, which allows the limited use of stablecoins in payments, has been in effect in Uzbekistan since January. The authorities announced plans for the HUMO pilot launch back in May last year.
At that time, the Central Bank reported that the stable token would be integrated into the HUMO payment system. This system serves holders of more than 35 million cards, so the test may affect the existing financial infrastructure rather than a separate experimental circuit.
Backing the token with government instruments also emphasizes the project’s connection to traditional finance. In this model, the familiar market assets remain:
- Securities.
- Bonds.
- Shares.
The digital token is used as a new payment instrument.
Context: Mining and Data Centers
At the same time, Uzbekistan is developing other areas of the crypto industry. In the autonomous republic of Karakalpakstan, a special economic zone for miners has been opened.
New facilities have started operating in this zone:
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Place”,
“name”: “Uzbekistan”
},
{
“@type”: “Organization”,
“name”: “Central Bank of the Republic of Uzbekistan”
},
{
“@type”: “Organization”,
“name”: “NAPP”
},
{
“@type”: “Thing”,
“name”: “blockchain”
},
{
“@type”: “Thing”,
“name”: “financial technologies”
},
{
“@type”: “Thing”,
“name”: “cryptocurrency”
},
{
“@type”: “Thing”,
“name”: “securities market”
},
{
“@type”: “Thing”,
“name”: “security”
},
{
“@type”: “Thing”,
“name”: “bond”
},
{
“@type”: “Thing”,
“name”: “share”
}
]
}
- Mining farms: 3.
- Data centers: 3.
- Total value: $5.11 billion.
