Uzbekistan Launches World’s First State-Regulated Token Backed by Sovereign Bonds

Central Asia just rewrote the crypto rulebook—with government ink.

Uzbekistan's financial authorities dropped a bombshell today: a fully regulated digital token backed by sovereign debt. No shady stablecoins here—this one's got the full faith and credit of Tashkent's treasury.

How it works

The national bonds-to-blockchain pipeline turns traditional government IOUs into tradeable digital assets. Think T-bills meets DeFi—except with actual bureaucrats verifying transactions.

Why it matters

While crypto startups keep begging for legitimacy, Uzbekistan just cut the line. Their play? If you can't beat the regulators, make them issue your tokens. The move could pressure other emerging markets to tokenize—or get left in the analog dust.

Bonus jab: Finally, a 'stablecoin' that might actually be stable (assuming you trust emerging market bonds more than Silicon Valley's math).

The national payment systemhas announced the launch of a project for issuing its own token backed by Uzbekistan’s government bonds. The new token is issued by HUMO Digital, a subsidiary of the system. This marks an important step in advancing innovative financial solutions in the country’s economy.

The issuance of the HUMO token has been registered in the Unified Electronic Register of Crypto-Assets maintained by the. Oversight of the token’s collateral and its safekeeping is handled by the. The HUMO token is backed by government bonds of Uzbekistan, which ensures its stability and protects it from sharp price fluctuations.

The HUMO token is a project of the, a key driver of Uzbekistan’s digital transformation in the financial sector. With overand DEEP integration into the country’s banking and retail infrastructure, HUMO plays a vital role in the everyday financial life of millions of citizens.

The token’s launch aims to attract foreign investment, simplify business payments, and enhance financial transparency. A token backed by government bonds also strengthens control over transactions and builds trust in innovative financial instruments.

The HUMO token offers several key advantages: instant and automated fiat conversion, no delays or intermediaries, lower transaction costs, and full transparency and security through blockchain-based data recording.

The goal of the current stage is to test settlement and integration mechanisms with participation from businesses and retail users, and to explore real-world use cases for the backed token in financial processes.

Looking ahead, the project plans to introduce new features for companies interested in using advanced tools for payments and operations. The HUMO token will be integrated into payment solutions and is expected to be listed on digital trading platforms. The issuance and circulation mechanisms were designed to fit seamlessly into Uzbekistan’s existing financial infrastructure.

, Acting Chairman of the Board of the National Interbank Processing Center (operator of the HUMO national system), stated:

“The issuance of the HUMO token is a logical step in the evolution of our ecosystem, aimed at creating a secure and regulated backed asset. We seek to combine the benefits of blockchain technology with the reliability of our national payment infrastructure, ensuring user convenience and transparency.”

, Director of Asterium, added:

“This project is more than just a tech innovation — it’s a major step toward building a transparent and resilient financial environment. It opens new opportunities for shaping the economy of the future while reinforcing Asterium’s role as a driver of digital transformation in Uzbekistan.”

About HUMO

is a national payment system based on banking payment cards, enabling transactions both within Uzbekistan and internationally. HUMO is an integral part of the country’s payment ecosystem. It connects participants, instruments, and platforms in interbank settlements, enabling smooth domestic money transfers and interactions with foreign payment systems.

HUMO has established direct relationships with major global payment systems such as Visa, MasterCard, and UnionPay International, allowing for foreign currency operations with HUMO bank cards abroad and accepting foreign-issued cards in Uzbekistan. The system is actively expanding integrations with Georgia, Kazakhstan, Kyrgyzstan, South Korea, Turkey, Armenia, and India.