Binance CZ teases more stablecoins via talks with countries

Binance founder Changpeng Zhao, popularly known as CZ, has announced that he is collaborating with multiple countries on issuing stablecoins pegged to local currencies.

“Working with more countries to launch their native stablecoins. Every currency should be represented on-chain,” CZ wrote on X, outlining his vision for a more diverse stablecoin ecosystem.

CZ’s post comes as the stablecoin market has grown to over $312 billion in late 2025, and currently the market capitalization is over $305 billion, with dollar-pegged tokens such as Tether’s USDT and Circle’s USDC continuing to dominate trading volumes globally. 

However, CZ’s push suggests the industry may be entering a new phase where national governments play a more active role in creating blockchain-based versions of their own currencies.

CZ’s government partnerships 

This is not the first time CZ has advocated for countries to have their native stablecoins. The founder of the largest crypto exchange in the world has mentioned in the past that he was working with the governments of Malaysia and Pakistan in their adoption of crypto. 

In October 2025, Kyrgyzstan introduced KGST, its national stablecoin, on the BNB Chain. The digital token is linked 1:1 to the Kyrgyz som. The country has also set up a national cryptocurrency reserve, with BNB emerging as one of the select cryptocurrencies.

Most recently, at the World Economic Forum (WEF), which was held at Davos in January 2026, CZ revealed that he is in talks with “probably a dozen governments” about tokenizing national assets.

Analysts say local stablecoins could reshape regulation and payments as banks, fintech companies, and exchanges join these projects. Local stablecoins are also said to address some of the long-standing concerns about dollar hegemony in the digital asset space while potentially offering countries greater monetary sovereignty in a financial system that is getting increasingly tokenized. 

However, some stakeholders do not agree with this position.

What are governments doing about local stablecoins?

In early December 2025, Wang Yongli, a former vice president of the Bank of China (BOC), shared skepticism about stablecoins, sharing reasons why jurisdictions like China are not so bullish on them. 

The former BOC VP stated that American firms control around 99% of the global stablecoin market, and this makes the development of a native stablecoin, for example, an RMB stablecoin, which follows the path of US dollar stablecoins, very likely to fail if it were to challenge the international status of US dollar stablecoins. 

According to him, this can turn the RMB stablecoin and other native stablecoins into vassals of US dollar stablecoins.

However, there are countries working to create regulatory frameworks around stablecoin issuance. The United States already has the GENIUS Act, which became law in July 2025 and brings some form of regulation to that space. It is also working on a larger sector-focused bill, which is called the Clarity Act. Hong Kong’s stablecoin ordinance came into operation in August 2025. 

The Bank of England is also working on a regulatory framework for British pound (GBP)-backed stablecoins, having opened the floor for consultations last year. The European Central Bank is working on a digital euro. 

More jurisdictions may be launching their own native tokens or stablecoins in 2026. With more entering the space, it’s only a matter of time before it is adopted globally per jurisdiction.

Algorithmic stablecoins, on the other hand, are not getting as much legislative backing as stablecoins backed by reserve assets like USDT or USDC. 

By working directly with governments, CZ aims to facilitate a multi-fiat stablecoin landscape that could offer users more options for cross-border payments and local currency access on blockchain networks. 

Binance and the BNB Chain are also positioned to benefit from the possible partnerships that may occur between CZ and governments.