The Central Bank and National Agency for Advanced Projects have begun monitoring a pilot project on using the HUMO stablecoin as a payment instrument. More than 20 entrepreneurs are ready to participate as merchants.

How the token works

Key project parameters:

  • the stablecoin will be backed by government securities;
  • one HUMO is valued at 1 sum;
  • testing includes token issuance, circulation and redemption, as well as payment for goods, works and services.

The government securities backing model is fundamental. In global practice, stablecoins are more often pegged to the issuer's currency reserves, and the quality of these reserves is the main source of risk. Using government bonds as backing makes the structure more transparent.

Participants

The project is implemented by Humo Digital, registered by NAPA in coordination with the Central Bank as a participant in the regulatory sandbox for stable token circulation.

Partner Asterium is a company with licenses for crypto custody, crypto exchange and crypto store operations. Banks and other entrepreneurs are also involved in the project.

Integration of banking, processing and blockchain infrastructure of participants is planned for settlements.

Timeline and evaluation criteria

The initial implementation period is 12 months with possible extension, but not exceeding three years.

In addition to technological capabilities, regulators will assess:

  • adequacy and safety of backing;
  • transparency of operations;
  • financial and operational risks;
  • information and cybersecurity;
  • consumer protection;
  • compliance with anti-money laundering requirements.

The Central Bank will separately monitor the project's alignment with monetary policy goals and absence of threats to financial and price stability.

Practical implications

The stated goal is to test whether stablecoins accelerate settlements in business activities and increase transaction transparency.

A useful reference point for assessing prospects: according to China's People's Bank, of approximately $60 trillion in on-chain transfers last year, operations with genuine payment purpose accounted for less than one percent of volume. The rest was arbitrage and internal redistribution.

This is why the pilot with real merchants is significant: it tests the technology in the scenario where it is currently applied least frequently.

Based on testing results, authorities will determine further approaches to regulating digital financial assets. For clients, practical benefits will emerge later through new payment services that Uzbek banks and fintech companies will be able to offer.

This material is for informational purposes only and is not an investment recommendation.