Уzbekistan Launches Testing of Stablecoin Payments Pegged to the Som

An important distinguishing feature of the Uzbek HUMO token is its integration into the country’s payment circulation as a legal means of payment for goods and services under the supervision of the national Central Bank.

Whereas in most other countries, stablecoins denominated in national currencies are intended mainly for cross-border payments and transfers and for use in the crypto sphere as transit digital instruments.

Earlier, in 2025, in Kazakhstan the National Bank, within the framework of a regulatory sandbox, implemented a pilot project to issue the Evo stablecoin pegged to the tenge. A year later, the scope of the project was expanded; other relevant government agencies joined it, as did the Binance exchange. Kazakhstan plans to create a regional settlement hub for conducting international payments of the CIS and Central Asian countries based on Binance.

The regional activity of the Binance crypto exchange also extended to Kyrgyzstan, where, with its help, a stable token KGST pegged to the Kyrgyz som was launched at the end of 2025. This crypto instrument has already been listed on Binance. KGST is backed by reserves in the national currency, which are held in licensed state banks.

In Russia, the use of cryptocurrencies, including stablecoins, as a means of payment within the territory of the Russian Federation is prohibited, but their use in cross-border payment transactions is permitted. Within the country, residents may carry out cryptocurrency purchase-and-sale transactions—treated as property—only through licensed institutions that organize the circulation of these digital instruments.

Author: Doctor of Economics, Professor at the Department of World Economy and World Finance, Financial University under the Government of the Russian Federation Lyubov Vyacheslavovna Krylova.