CZ claims that Binance is working with governments to launch local currency stablecoins, expanding stablecoin options beyond dollar-pegged tokens.
Summary
- CZ claims Binance is working with “more countries” on stablecoins linked to national currencies via X post.
- Shift aims to move beyond USDT and USDC-like dollar dominance toward an on-chain multi-fiat stablecoin landscape.
- Analysts say local stablecoins could reshape regulation and payments as banks, fintechs and exchanges join these projects.
Binance founder Changpeng Zhao announced that the cryptocurrency exchange is collaborating with several countries to issue stablecoins pegged to local currencies, according to a post on Platform X.
Zhao said the stablecoin ecosystem should not be limited to dollar-based products, writing that Binance is “working with more countries and helping each country issue stablecoins pegged to their own national currency.”
The executive indicated support for multiple fiat stablecoins on blockchain networks, stating that “every fiat currency should be represented on-chain,” according to the social media post.
The announcement comes amid intensifying regulatory debates in the stablecoin market, where US dollar-pegged stablecoins currently maintain dominant market positions. Dollar-based stablecoins have served as the primary liquidity and transfer mechanisms in cryptocurrency markets in recent years.
According to industry observers, several countries have expressed interest in creating digital asset infrastructure based on national currencies for payment systems and cross-border transfers.
Cryptocurrency market analysts say the proliferation of local currency stablecoins could increase market diversity and influence regulatory approaches in different jurisdictions. Banks, fintech companies and major cryptocurrency exchanges are expected to play an important role in this development.
The statement signals Binance’s intention to expand beyond global dollar stablecoins into projects bringing additional fiat currencies to blockchain platforms, according to Zhao’s announcement.
