Uzbekistan has kicked off a pilot program letting people pay for goods and services with stablecoins. The first token out of the gate is HUMO, which is pegged 1:1 to the Uzbek soum and fully backed by government securities. The pilot could run for up to three years.

HUMO Token: Peg and Backing

HUMO is pegged to the national currency at a 1:1 ratio. Its backing comes from government securities. During the test phase, HUMO is the first stablecoin available for settling payments on everyday purchases and services.

Pilot Timeline and Goals

The pilot is set to last up to three years. In that time, regulators want to weigh the pros and cons of using stablecoins for daily transactions before deciding whether to scale up or tweak their approach.