Uzbekistan plans a pilot launch of the regulated stablecoin HUMO

The HUMO project is being implemented with the participation of the national crypto service provider Asterium and the international company Broxus, which specializes in developing blockchain solutions, including infrastructure for DeFi, CBDC, stablecoins, asset tokenization, and process automation.

Participants of the pilot project reported that the coin fully complies with the requirements of Uzbekistan's legislation in the field of crypto asset circulation and will be integrated into the HUMO payment system, serving holders of more than 35 million cards. The stablecoin implies instant exchange for fiat funds, reduced fees, and process automation.

The project is planned to be launched based on two technologies — EVM and TVM. The technological foundation for TVM is the Tycho protocol, which is expected to support high loads, scalability, and cost-effectiveness in terms of transaction fees.

The stablecoin's exchange rate will be pegged to the Uzbek sum at a ratio of 1:1. HUMO is backed by the sovereign bonds of Uzbekistan, which should minimize its volatility, and the blockchain will ensure the transparency and security of transactions. According to the project participants, this could become an effective tool for combating financial fraud, strengthening trust in calculations in state-regulated digital assets, as well as creating conditions for attracting foreign investments to the country.

Earlier, experts from RISE Research reported that Uzbekistan ranked first in their cryptocurrency adoption rating among the countries of Central Asia and the Caucasus.