Stablecoin payment pilot launched; Uzbekistan introduces HUMO backed by government securities

Odaily News - The National Agency for Perspective Projects (NAPP) of Uzbekistan, together with the Central Bank, has launched a pilot program for stablecoin payments backed by government securities. Humo Digital has been authorized to test payments for HUMO, a stablecoin pegged 1:1 to the som, within a regulatory sandbox, with over 20 merchants already participating. The pilot will test the issuance, circulation, and redemption processes, with Asterium, a licensed crypto exchange, serving as a partner. The pilot period is 12 months, with a total maximum duration of 3 years. Regulators will assess collateral adequacy, cybersecurity, consumer protection, anti-money laundering, as well as financial and price stability risks.