Uzbekistan is piloting a stablecoin called HUMO, backed by Uzbek government bonds and pegged one-to-one to the Uzbek som, with over 20 merchants participating in a three-year regulatory sandbox overseen by the National Agency for Perspective Projects and the Central Bank of Uzbekistan. This stablecoin differs from market leaders like Tether or USDC by being collateralized with Uzbek sovereign bonds rather than commercial paper or US Treasuries. Humo Digital, a subsidiary of the national HUMO payment system which has already issued over 35 million cards, is the token issuer while Asterium provides the blockchain infrastructure. Two key milestones are planned: registration of the token in the Unified Register of Digital Assets in July 2025, followed by a listing on the Coinstore exchange in April 2026 to enable international trading. Uzbekistan ultimately aims to use this stablecoin to facilitate cross-border settlements within the Commonwealth of Independent States.
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