Uzbekistan to Pilot a New Asset-Backed Token, HUMO, Tied to Government Bonds

Uzbekistan is piloting a new asset-backed token, HUMO, tied to government bonds, aiming to attract foreign investment, increase transparency of financial transactions, and establish an even more attractive investment environment in the country.

HUMO, the payment system serving over 35 million cardholders and widely integrated into Uzbekistan’s banking and retail sectors, will serve as an anchor for the project. The project’s token is designed to have price stability backed by government bonds, and this structure is intended to minimize speculative volatility, often a key concern for tokenized instruments.

The project fully complies with the legislative requirements of the Republic of Uzbekistan regarding the circulation of crypto assets.

Several partners are joining forces to realize this initiative. Asterium, a local crypto service provider, and Broxus, blockchain infrastructure vendor, will provide technical expertise for the project. The project is planned to be launched based on two technologies – EVM and TVM. The technological foundation chosen for TVM is Tycho, a protocol that will ensure support for high loads, scalability, and cost-effective transactions. Tycho is built to support high throughput and low transaction costs, which is critical for potential government-scale use cases.

The HUMO token aims to facilitate instant payments, reduce transaction fees, and improve transparency by recording operations on a public blockchain. It may also help limit informal financial flows and improve the efficiency of cashless payments.

“The launch of the token backed by HUMO is an important step towards building an innovative and modern financial system in Uzbekistan. The creation of this token, fully backed by real assets, will help increase public trust, simplify transactions, and accelerate the development of the country’s digital economy. One of our key objectives is to enhance transparency and reduce the risk of fraud, which is especially important in the current environment.”, – Alexey Maksimov, Chairman of HUMO.

“This initiative marks a significant step toward integrating blockchain technology into everyday financial processes and services in Uzbekistan. The HUMO token project is laying the groundwork for a new financial system. We are creating a solid infrastructure that integrates modern technology into daily financial transactions, making interactions with crypto assets as simple and routine as it would be with traditional assets.”, – Komilkhuzha Sultonov, Director of Asterium.

“We’re delighted to see Broxus technologies contributing to a project of such significance for the government of Uzbekistan. Our mission is to deliver solutions that make digital transactions safe, accessible and transparent, and the Tycho blockchain can achieve that while maintaining high transaction speeds, low fees and reliability required by projects at this level.”, – Broxus founder Sergey Shashev.

With linkage to real-world assets, the HUMO token may serve as a ground for broader blockchain integration into Uzbekistan’s financial system. In the future, the blockchain platform created within this project could serve as a basis for the development of new digital services in Uzbekistan.