For the market, the link between the Uzbekistan central bank and a stablecoin has ceased to be just a theory: the Central Bank of the Republic of Uzbekistan and the National Agency for Prospective Projects under the government announced the launch of HUMO, a stable token pegged to the sum. The authorities want to allow its use as an official means of payment.
How the Humo Launch Will Be Arranged
The issuance of the new token is backed by government securities. In this model, bonds and other government debt instruments become the basis for stability, not objects of market speculation.
The pilot is designed for three years. The central bank plans to issue stablecoins and give 20 legal entities the opportunity to use HUMO to pay for goods, works, and services in Uzbekistan. The token will also be tested in banking, processing, and blockchain infrastructure.
The regulator expects that HUMO will speed up commercial settlements, make them more transparent, and increase payment security. For the business environment, this could be an important step: cryptocurrency in this format is used not as a risk instrument but as a means for everyday payments.
HUMO is important not as a risk instrument but as a test of whether a stable token can be integrated into everyday settlements and make payments faster, more transparent, and safer.
Who Is Responsible for the Stable Token
Project participants and their roles:
- Humo Digital: project operator; participant status in a special legal regime that regulates the circulation of stable tokens.
- Asterium: partner; licenses for operating a crypto depository, crypto exchange, and crypto store.
This combination helps integrate HUMO into the existing digital asset infrastructure.
It is important to distinguish between HUMO and the concept of a central bank digital currency. In this case, it is a stable token pegged to the national currency, with the main focus on practical payments within the country.
Why the Project Is Important for Uzbekistan
A special legal regime that allows limited use of stablecoins for payments has been in effect in Uzbekistan since January. The HUMO token itself was announced by the authorities in May of last year, and at that time the central bank also reported plans to integrate with the HUMO payment system, which serves holders of more than 35 million cards.
For Uzbekistan, this launch fits into a broader agenda of digitalizing the financial market. At the center of this agenda:
- financial technologies
- blockchain
- artificial intelligence
- international initiatives such as GFTN
In the regional expert community, names like Timur Ishmetov and Nodirbek Achilov are also associated with this agenda.
HUMO differs from classic investment market instruments: a share (finance) gives a stake in capital, while the stable token in this project is intended primarily for payments. That is why its testing is important not only for the crypto market but also for the country’s regular payment infrastructure.
At the same time, Uzbekistan is developing other areas of the digital economy. In the autonomous republic of Karakalpakstan, for this purpose:
- a special economic zone for miners was opened
- construction of three mining farms began
- construction of three data centers began
- the total value of the projects was declared at $5.11 billion
