Key points

  • HUMO is designed to track one Uzbek som and be backed by government securities.
  • More than 20 merchants are ready to participate, according to Uzbekistan's NAPP.
  • The initial test lasts 12 months; extensions cannot take the project beyond three years.

Uzbekistan has begun a supervised experiment with HUMO, a stablecoin intended for purchases of goods and services. Announcements published by the country's financial authorities on September 7 describe a token backed by government securities, with each HUMO pegged to one Uzbek som.

The National Agency for Prospective Projects, or NAPP, says it registered Humo Digital for the special regulatory regime with the central bank's agreement. That places the initiative inside a controlled test, with regulators assessing how the payment model performs before drawing conclusions about its wider use.

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Merchant payments are the practical test

NAPP says more than 20 merchants are prepared to participate. Its announcement also identifies Asterium, a licensed provider of crypto exchange, custody and retail services, as a partner alongside banks and other businesses.

Cointelegraph's September 8 reporting confirms the merchant-payment focus and the plan to connect participating banks' payment-processing systems with blockchain infrastructure. The experiment covers how tokens are created, transferred and redeemed, rather than testing only whether a token can move between digital wallets.

For a retailer, those stages belong to the same payment journey: receiving a token is only part of a usable service. The pilot's stated scope makes the connection between the digital transfer and the surrounding banking arrangements a central subject of testing.

One year initially, with limits on extensions

The Central Bank of Uzbekistan specifies a 12-month initial implementation period. Extensions are possible under the applicable procedure, but the total project duration cannot exceed three years.

That distinction clarifies the broader timetable in NAPP's announcement, which describes a project lasting up to three years. Cointelegraph also reports both time horizons; the longer ceiling should not be read as a guaranteed three-year rollout.

What the regulators will examine

The central bank lists collateral adequacy and protection, transaction transparency, cybersecurity, financial and operational risks, consumer interests and anti-money laundering controls among the areas to examine. It will also monitor whether the initiative fits monetary-policy objectives and avoids risks to financial and price stability.

According to the bank, the special regime operates under a joint regulation registered on April 15, 2026, following a presidential resolution dated November 27, 2025. At the project's end, authorities intend to evaluate the model's practical usefulness and risks and develop proposals for improving digital-finance regulation.

A payment experiment, with results still to come

The immediate development is permission to test a specific payment model under joint supervision. Neither registration of the participant nor the announced merchant interest establishes that the token already has broad usage across Uzbekistan.

The reviewed announcements do not provide completed transaction volumes, measured savings for shops or published results from the safeguards assessment. Those missing outcomes matter when judging the pilot: the reserve design, merchant readiness and monitoring plan describe what authorities will examine, while evidence of reliability and practical benefits must come from the trial itself.

Sources

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