Uzbekistan is set to launch a pilot version of the HUMO stablecoin, backed by government bonds, according to a representative from the eponymous payment system, as reported by ForkLog.
The project is part of a strategy to integrate blockchain technology into the country’s financial infrastructure. HUMO emphasized that the initiative fully complies with Uzbekistan’s current crypto regulations.
The technical implementation will be handled by local crypto provider Asterium and vendor Broxus. HUMO will serve as the foundation for the token’s deployment. Its infrastructure encompasses 35 million users, which “will simplify mass adoption,” according to the statement.
The token will operate in two blockchain environments: Ethereum Virtual Machine and TON Virtual Machine, ensuring compatibility with a wide range of smart contracts.
In the future, the platform created under this project could become a base for developing new digital services in Uzbekistan.
In the country, the illegal acquisition, sale, or exchange of cryptocurrencies is prohibited.
Since May 2024, Uzbekistan has implemented an updated licensing procedure for bitcoin exchanges.