[Uzbekistan Launches Government Bond-Backed Stablecoin Payment Pilot Project] According to Cointelegraph, the National Agency for Perspective Projects (NAPP) of Uzbekistan, in collaboration with the central bank, has launched a pilot project for stablecoin payments backed by government securities. Humo Digital has been authorized to test stablecoin HUMO payments pegged 1:1 to the Uzbekistani Som within a regulatory sandbox, with over 20 merchants participating. The pilot will test the issuance, circulation, and redemption processes, with licensed crypto exchange Asterium serving as a partner. The pilot will last for 12 months, with a maximum duration of 3 years. Regulators will assess collateral adequacy, network security, consumer protection, anti-money laundering measures, and risks to financial and price stability. This pilot is based on a framework approved in November 2025, during which Uzbekistan planned to allow stablecoin payment pilots within the sandbox, including provisions related to tokenized stocks and bonds.