Uzbekistan tests government bond-backed stablecoin HUMO with merchants

Uzbekistan is testing a government bond-backed stablecoin in the real economy. The HUMO digital token, pegged one-to-one with the Uzbek som, is now being trialed with more than 20 merchants under a regulatory sandbox jointly overseen by the National Agency for Perspective Projects (NAPP) and the Central Bank of Uzbekistan.

Instead of being backed by a basket of commercial paper or US Treasuries like Tether or Circle’s USDC, HUMO derives its value from Uzbek sovereign bonds, making it one of the few digital tokens globally to carry explicit state-backed collateral.

How HUMO actually works

Humo Digital, a subsidiary of Uzbekistan’s national HUMO payment system, is the issuer of the token. Asterium provides the blockchain infrastructure through its Mirasmanda blockchain, handling the technical plumbing of issuance, circulation, and settlement.

The HUMO payment system itself has issued over 35 million cards across Uzbekistan and operates a significant network of point-of-sale terminals nationwide.

The sandbox pilot is designed to run for three years. The participating merchants are testing the full lifecycle: issuance, circulation, and acceptance of HUMO tokens as payment.

Two key milestones sit on the horizon. The token is scheduled to be registered in NAPP’s Unified Register of Digital Assets in July 2025. After that, a listing on the Coinstore exchange is planned for April 2026, which would open the token to international trading for the first time.

Why sovereign backing matters

The stablecoin market has faced periodic trust crises. Tether has spent years fielding questions about its reserves. Algorithmic stablecoins like TerraUSD famously collapsed in 2022, wiping out tens of billions of dollars. Against that backdrop, a stablecoin backed by actual government securities offers a different value proposition entirely.

By tying HUMO to Uzbek sovereign bonds, the project attempts to eliminate the volatility risk that plagues unbacked or partially backed tokens. The 1:1 peg to the Uzbek som means the token isn’t trying to be a speculative asset.

The sovereign backing also gives HUMO a regulatory clarity that most stablecoins lack. Because the Central Bank of Uzbekistan is directly involved in overseeing the sandbox, the token operates within an explicit legal framework from day one.

Cross-border ambitions and regional implications

Domestic merchant payments are the starting point, but the bigger play is cross-border settlement. Uzbekistan is positioning HUMO as a tool for more efficient transactions within the Commonwealth of Independent States, the economic bloc that includes Russia, Kazakhstan, and several other former Soviet republics.

Uzbekistan’s approach is distinct because it uses a stablecoin structure rather than a CBDC, allowing it to leverage private-sector blockchain infrastructure while maintaining state oversight.

The planned Coinstore listing in April 2026 will be the first opportunity for investors and traders outside Uzbekistan to access the token. Whether the token can maintain its peg under the pressure of open-market trading will determine whether this experiment graduates from sandbox to broader use.

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