Uzbekistan Launches HUMO Token, Backed by Government Bonds, to Attract Investment, Enhance Transparency, and Promote the Digital Economy.
Uzbekistan has just announced a pilot project for issuing the digital HUMO Token, a breakthrough step in the digital transformation of the national financial system. Notably, this token is fully backed by government bonds - a relatively rare value assurance model in the global digital asset market.
Developed by the HUMO payment system - one of the main payment infrastructures in Uzbekistan, the token aims to attract investment, enhance transparency, and promote the development of the domestic digital economy. Currently, the HUMO system has issued over 35 million payment cards and is widely used by banks and retail outlets nationwide.
Multi-Platform Architecture with Solid Value Guarantee
Technically, the HUMO Token is developed by the national crypto provider Asterium and the international blockchain company Broxus. Notably, this token will be simultaneously deployed on both Ethereum Virtual Machine (EVM) and TON Virtual Machine (TVM), creating a flexible architecture compatible with various smart contracts.
Although the official press release does not directly call HUMO a stablecoin, many core features suggest it is essentially a stable token. The HUMO Token is backed by government bonds, ensuring real assets behind it and featuring characteristics such as minimizing volatility and maintaining value stability. Particularly, this token supports instant conversion to fiat currency without intermediaries, with low transaction costs and high transparency.
Aleksey Maksimov, Director of the HUMO Payment System, emphasized the project's importance: "Implementing a backed token is a crucial step in building a transparent financial system and accelerating the growth of Uzbekistan's digital economy."
The HUMO Project is being implemented in full compliance with the current legal regulations of the Republic of Uzbekistan regarding encrypted assets. The token will be integrated into the existing financial ecosystem, with plans to develop additional digital services based on this platform in the future.
Uzbekistan's choice to use government bonds as collateral for the digital token marks a unique approach compared to traditional stablecoins, which are typically backed by cash or highly liquid assets. This model could provide dual benefits: creating a stable payment instrument while promoting interest in the Uzbekistan government bond market.
"This is a typical example of how developing countries can leverage blockchain technology to improve the financial system and promote economic development," an industry expert noted. "By combining blockchain technology with traditional assets like government bonds, Uzbekistan is creating a noteworthy model for other emerging markets."
This move aligns with Uzbekistan's increasingly growing trend of exploring crypto-related initiatives. In 2023, several commercial banks in the country were approved by the National Promising Projects Agency (NAPP) to issue physical payment cards supporting digital assets, demonstrating the government's commitment to financial innovation.
