Binance founder Changpeng Zhao (CZ) announced that they are collaborating with many countries on issuing stablecoins pegged to their local currencies. In a post on the X platform, CZ emphasized that the stablecoin ecosystem should not be limited to dollar-based products only.
Zhao stated in his post, “We are working with more countries and supporting each country in issuing stablecoins pegged to their own national currency.” CZ also pointed to the era of multiple fiat stablecoins on the blockchain, saying, “Each fiat currency should be represented on the chain.”
This announcement comes at a time when regulatory debates are intensifying in the stablecoin market, and US dollar-pegged stablecoins continue to dominate. In recent years, dollar-based stablecoins like USDT and USDC have played a central role in the cryptocurrency market as a medium of liquidity and transfer.
However, many countries aim to establish a more independent infrastructure for both payment systems and cross-border transfers with the widespread adoption of digital assets based on their own currencies.
Experts say that the proliferation of local currency stablecoins could increase diversity in the cryptocurrency market and also reshape how regulatory bodies in different countries approach stablecoins. Banks, fintech companies, and major exchanges are expected to play a critical role in this process.
CZ’s statement reveals that Binance aims to grow not only with global dollar stablecoins but also with new projects that will bring different fiat currencies to the blockchain.
*This is not investment advice.
