Swiss stablecoin sandbox expands with SIX and TWINT; Uzbekistan launches som-backed HUMO pilot

Nine Swiss financial institutions commenced sandbox testing of the CHFD stablecoin. Major participants include Financial market operator SIX and payment application TWINT. The pilot project involves programmable payments designed to reduce fraud on online marketplaces, ensure fair access to event tickets, and streamline public payments. Regulatory framework approved in November 2025 permits these trials alongside tokenized shares and bonds. Uzbekistan initiated its own stablecoin payment pilot on Monday. The National Agency for Prospective Projects registered Humo Digital as a participant in a special regime jointly overseen with the central bank. This project tests HUMO, a token backed by government securities where each unit is pegged to one Uzbek som. Over 20 merchants agreed to process goods and services payments using the system. Asterium served as a licensed exchange partner integrating blockchain infrastructure. The Central Bank of Uzbekistan mandates initial trials last for 12 months, with total project duration capped at three years. Regulators will evaluate collateral adequacy, cybersecurity measures, anti-money laundering controls, and risks to financial stability.