Blockchain-based HUMO token backed by government bonds to be piloted in Uzbekistan

Associated Press

13-05-2025

TASHKENT, Uzbekistan, May 13, 2025 (GLOBE NEWSWIRE) -- Uzbekistan is set to pilot a new asset-backed token, HUMO, tied to government bonds. The project aims to create innovative methods of attracting foreign investment, increase transparency of financial transactions, and establish an even more attractive investment environment.
The HUMO token will be backed by government bonds. This structure is intended to provide price stability while minimizing speculative volatility – often a key concern for tokenized instruments.
It should be noted that the project fully complies with the legislative requirements of the Republic of Uzbekistan regarding the circulation of crypto assets.
Institutional anchors and technical foundations
The project is being developed with support from several domestic and international partners. HUMO, the payment system serving over 35 million cardholders and widely integrated into the country's banking and retail sectors, will serve as the foundation of the project. HUMO's vast integration with banks and merchants naturally sets the token for mass adoption.
Technical development is spreadheaded by Asterium, a local crypto service provider, and Broxus, blockchain infrastructure vendor. 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.
Token benefits: Transparency, cost reduction, and integration
The HUMO token aims to facilitate instant payments, reduce transaction fees, and improve transparency by recording operations on a public blockchain. According to project headliners, it may also help limit informal financial flows and improve the efficiency of cashless payments.
Alexey Maksimov, Chairman of HUMO, noted that the launch of the HUMO-backed token 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.'
Komilkhuzha Sultonov, Director of Asterium, described the initiative as a step towards integrating blockchain into everyday financial processes: 'The HUMO token project lays 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.'
Broxus founder Sergey Shashev emphasized the importance of scalable and secure infrastructure: 'We're delighted to see Broxus technologies contributing to a project of such significance for the government.
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.'
Looking ahead
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.
About HUMO
National Interbank Processing Center of Uzbekistan (national payment system HUMO) is one of the leading financial infrastructures of Uzbekistan. Its main goal is to become a key financial hub not only in Central Asia but also beyond its borders.
Since its inception, HUMO has demonstrated steady growth, actively expanding its payment services ecosystem and strengthening partnerships both domestically and internationally.
Contact:
Aleksey Maksimov
Chairman of the Board of the National Interbank Processing Center (NMPC)
[email protected]
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