Binance founder Changpeng Zhao said the exchange is working with multiple countries to issue stablecoins pegged to local currencies, posting the announcement on X. Zhao argued the stablecoin ecosystem should move beyond U.S. dollar–based tokens, adding that each fiat currency should be represented on-chain.
The push envisions a multi-fiat stablecoin landscape rather than reliance on dominant dollar-pegged tokens such as USDT and USDC, which have served as primary liquidity and settlement instruments across crypto markets. Zhao said Binance is “working with more countries and supporting each country in issuing stablecoins pegged to their own national currency.”
Several nations have shown interest in building digital-asset infrastructure tied to domestic currencies to support payments and cross-border transfers. Market analysts say a proliferation of local-currency stablecoins could broaden on-chain options, affect regulatory approaches, and reshape payments rails, with banks, fintechs, and exchanges likely to participate in these initiatives.
The announcement comes amid intensified regulatory scrutiny of stablecoins globally. Zhao’s statement signals Binance’s intention to expand beyond global dollar stablecoins into projects that bring additional fiat currencies onto blockchain platforms, potentially changing how liquidity, compliance, and cross-border payments are handled in crypto markets.
