Uzbekistan Launches Stable Token Backed by Government Bonds

Uzbekistan is launching a pilot project to create the HUMO digital token, fully backed by government bonds, aiming to attract investment, enhance transparency, and support the development of the digital economy.

The HUMO payment system is initiating a pilot project in Uzbekistan to issue a token of the same name, backed by government bonds. The project is focused on the digital transformation of the financial system, streamlining transactions, and building trust in cashless payments.

The technical implementation will be carried out by national crypto provider Asterium and international blockchain company Broxus. HUMO will be deployed using both the Ethereum Virtual Machine (EVM) and TON Virtual Machine (TVM), providing architectural flexibility and compatibility with various smart contracts.

While the press release doesn’t explicitly label HUMO as a stablecoin, several of its features resemble those of stablecoins:

• it’s backed by government bonds, giving it real asset backing;
• its features include reduced volatility and guaranteed price stability;
• it supports instant fiat conversion without intermediaries, with low transaction costs and high transparency.

The project is being implemented in full compliance with the legislation of the Republic of Uzbekistan regarding crypto-assets. The token will be integrated into the country’s existing financial ecosystem, including the HUMO payment infrastructure, which issued over 35 million cards and is widely used by banks and merchants.

New digital services are expected to be developed on the basis of the HUMO token in the future.

Aleksey Maksimov, Head of the HUMO payment system, emphasized that launching a backed token is a key step toward building a transparent financial system and accelerating the growth of Uzbekistan’s digital economy.

Uzbekistan is actively exploring crypto initiatives for several years. For instance, in 2023, several commercial banks received approval from the National Agency for Perspective Projects (NAPP) to issue plastic cards supporting digital assets.