The Central Bank of Uzbekistan has launched the HUMO stablecoin in a pilot circulation together with the National Agency for Prospective Projects. The Central Bank of the Republic of Uzbekistan has pegged the new stable token to the sum and intends to allow its use as an official payment instrument within the country.
What You Need to Know About Stablecoins in Uzbekistan
A stablecoin is a digital asset whose value is pegged to another asset, most often a national currency or a reserve of financial instruments. Thanks to this peg, the token should fluctuate less in price than regular crypto assets and be more convenient for settlements.
In Uzbekistan, the circulation of stable tokens operates under a special legal regime. It allows testing settlements in a limited format and requires participants to work within the framework of licenses and rules for digital assets. In the case of HUMO, the reserve consists of government securities, and the token itself is pegged to the sum.
How HUMO Will Work
The issuance of HUMO is backed by government securities. For the market, such a reserve is close to a conservative financial model, where a bond often serves as a clear benchmark of reliability. The key conditions for the test are as follows:
- Pilot period — 3 years.
- At the first stage, 20 legal entities will be allowed to participate.
- HUMO can be used to pay for goods, works, and services in Uzbekistan.
- The token will be tested in banking, processing, and blockchain infrastructure.
The Central Bank expects that the new instrument will speed up commercial settlements and make them more transparent and secure.
Who Became the Project Operator
Humo Digital has been appointed as the operator of the stablecoin. The company has received the status of a participant in the special legal regime that regulates the circulation of stable tokens. The project partner is Asterium — a licensed participant in the crypto market with permits for crypto depository, crypto exchange, and crypto store operations.
The launch of HUMO fits into a broader agenda where financial technologies, blockchain, and payment infrastructure are developing alongside other areas of the digital economy. It is important not to confuse this format with a central bank digital currency (CBDC): HUMO is not a CBDC, but rather a stable token pegged to the national currency and backed by government securities.
Regulatory Context and Plans
The special regime that allows the limited use of stablecoins for settlements has been in effect in Uzbekistan since January. Authorities spoke about the preparation of HUMO as early as May of last year. At that time, the Central Bank promised to integrate the token into the HUMO payment system, which serves holders of more than 35 million cards.
For the local market, this is not only an experiment with a new payment instrument but also part of a larger regulatory agenda. Several areas stand out in it:
- Crypto assets and oversight of exchanges — rules for digital market participants.
- Financial instruments — including stocks.
- Technologies in finance — artificial intelligence in the financial sector and fintech development.
- International agenda — fintech discussions at GFTN-level platforms.
In such an environment, the positions of key participants, including Timur Ishmetov and Nodirbek Achilov, are important for the further development of digital market rules.
At the same time, Uzbekistan is developing infrastructure for the crypto industry. Several large projects have already been launched in the autonomous Republic of Karakalpakstan:
- A special economic zone for miners has been opened.
- Three mining farms are under construction.
- Three data centers are under construction.
- Total project value — $5.11 billion.
