The National Agency for Perspective Projects and the Central Bank of the Republic of Uzbekistan, within their respective mandates, have begun supporting the implementation of a pilot project to test the use of the HUMO stable token as a means of payment.
The project is being implemented pursuant to Resolution No. PP-359 of the President of the Republic of Uzbekistan dated 27 November 2025, “On Measures for the Further Development of the Financial Technology Sector in Uzbekistan,” and is aimed at testing the use of stable tokens as a means of payment in order to further develop innovative forms of payment.
The project is also governed by the Regulation on the Special Legal Regime for the Circulation of Stable Tokens, approved by a joint resolution of the National Agency for Perspective Projects and the Central Bank and registered by the Ministry of Justice on 15 April 2026 under No. 3818.
With the approval of the Central Bank, HUMO Digital LLC has been registered by the National Agency for Perspective Projects as a participant in the special legal regime. The project provides for testing the mechanisms for the issuance, circulation and redemption of the HUMO stable token.
The value of 1 HUMO is pegged to 1 Uzbek soum, while the stable token is to be issued against collateral in the form of government securities of the Republic of Uzbekistan. The project will test mechanisms for the issuance and circulation of the HUMO stable token, as well as its use as a means of payment and for accepting payments for goods, works and services in the Republic of Uzbekistan.
A separate area of the pilot will focus on integrating the banking, payment processing and blockchain infrastructure of project participants to enable settlements using the HUMO stable token.
The project partner is Asterium JSC, which holds the relevant licences to organise and conduct activities as a crypto-depository, crypto-exchange and crypto-shop.
The special legal regime enables new technological and financial solutions to be tested in a controlled regulatory environment and allows their practical applicability, effectiveness and potential risks to be assessed.
Alongside assessing the potential of the technology, particular attention during the pilot will be paid to the adequacy and safeguarding of collateral, transaction transparency, the management of financial and operational risks, information and cybersecurity, the protection of consumer rights and interests, and compliance with anti-money laundering requirements.
Within its mandate, the Central Bank of the Republic of Uzbekistan will assess and monitor the project in terms of its consistency with monetary policy objectives and instruments, as well as the absence of risks to financial and price stability.
The pilot project will be implemented under the special legal regime in accordance with the established monitoring procedure. The initial implementation period is 12 months and may be extended in accordance with the prescribed procedure. The total duration of the project, however, may not exceed three years.
Upon completion of the project, the practical applicability of the model of a stable token backed by government securities will be assessed, the associated risks will be identified, and proposals will be developed to further improve approaches to regulating digital financial instruments in Uzbekistan.
For reference
Stable tokens (stablecoins)
A stable token is a type of asset-backed token whose value is equal to the nominal value of a national or foreign currency. Under this project, the value of 1 HUMO corresponds to 1 Uzbek soum. HUMO is to be issued against collateral in the form of government securities of the Republic of Uzbekistan.
Regulatory sandbox
The special legal regime is a controlled regulatory environment for testing new technological and financial solutions. It makes it possible to assess their practical applicability and effectiveness while identifying potential risks.
The HUMO project is being implemented specifically within this special regime, enabling regulators to assess and monitor the new model as it undergoes practical testing.
