A pilot project for the use of the HUMO stablecoin as an official means of payment has been launched in Uzbekistan. The initiative is being implemented by the National Agency for Project Management (NAPM) in collaboration with the Central Bank of the country. The stablecoin will be pegged to the Uzbek sum at a ratio of 1:1, ensuring stability and predictability when using the token for transactions. The project aims to test the mechanism for issuing, circulating, and redeeming HUMO, which will be backed by government securities. It is expected that more than 20 entrepreneurs and merchants will join the project.
Humo Digital, in agreement with the Central Bank, has been registered as a participant in the Special Legal Regime for the regulation of stablecoin circulation. The project partner is Asterium, which holds licenses for organizing and conducting activities as a crypto-depository, crypto-exchange, and crypto-store. Banks and other enterprises will also be involved in the implementation. During the pilot, the effectiveness of HUMO as a new financial instrument will be assessed, which will help accelerate transactions in business activities and enhance the transparency and security of transactions. The project will be monitored by NAPM and the Central Bank of Uzbekistan, ensuring compliance with regulatory standards.
The pilot project is planned to last for up to three years. During this period, regulators aim to identify associated risks and develop mechanisms for their minimization. Additionally, aspects influencing financial stability and the development of digital assets in Uzbekistan will be studied as part of the initiative.