Uzbekistan Initiates Stablecoin Payment Pilot with Government Securities
- Uzbekistan has launched a pilot program to test stablecoin payments using HUMO, pegged to the Uzbek som.
- The pilot, overseen by the National Agency for Prospective Projects (NAPP) and the central bank, will last for an initial period of 12 months.
- More than 20 merchants are set to participate in testing HUMO payments for goods and services.
- Asterium, a licensed crypto exchange, is collaborating on this project, which aims to integrate banks’ payment-processing and blockchain infrastructure.
- Regulatory assessments will focus on collateral adequacy, cybersecurity measures, consumer protections, and anti-money laundering controls.
This pilot follows a framework approved in November and is part of Uzbekistan’s broader initiative to explore CBDC concepts alongside stablecoins and tokenized assets.
The project aims to enhance payment systems while ensuring financial stability through rigorous regulatory oversight over the next three years. (Source)
