Uzbekistan begins government bond-backed stablecoin payment pilot

Humo Digital will test HUMO payments with more than 20 merchants under a sandbox jointly overseen by NAPP and Uzbekistan’s central bank.

Uzbekistan has launched a pilot to test payments with a som-pegged stablecoin backed by government securities. 

On Monday, the National Agency for Prospective Projects (NAPP) said it had registered Humo Digital as a participant in a special regime jointly overseen with the central bank. The pilot will test the issuance, circulation and redemption of HUMO, with each token pegged to one Uzbek som.

NAPP said more than 20 merchants are prepared to test HUMO payments for goods and services.

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