Uzbekistan has launched a pilot to test payments with a som-pegged stablecoin backed by government securities. The National Agency for Prospective Projects (NAPP) registered Humo Digital as a participant in a special regime jointly overseen with the central bank. More than 20 merchants are prepared to test HUMO payments, with each token pegged to one Uzbek som. The initial trial will run for 12 months, with the project’s total duration capped at three years. Regulators will assess the adequacy and safeguarding of the token’s collateral, cybersecurity, consumer safeguards, anti-money laundering controls and risks to financial and price stability.
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