Uzbekistan Launches Pilot for Government Bond-Backed Stablecoin Payments

Uzbekistan has started a pilot focused on payments using a stablecoin backed by government bonds. Humo Digital will test HUMO payments with more than 20 merchants as part of the initiative. The trial is being conducted in a regulatory sandbox jointly overseen by Uzbekistan’s National Agency of Perspective Projects (NAPP) and the country’s central bank, according to Cointelegraph. The project places the stablecoin within a supervised payments-testing framework while participating merchants evaluate HUMO transactions in practice. The announcement adds a government bond-backed digital payment instrument to Uzbekistan’s developing digital-asset landscape, although the supplied information does not specify the pilot’s duration, transaction volumes, participating merchants, or next steps. The pilot was reported on September 8, 2026.