Binance founder Changpeng Zhao said the exchange is collaborating with several countries to issue stablecoins tied to their local currencies, announcing the plan on X. He argued the stablecoin space should expand beyond dollar-denominated tokens and that each fiat currency should have an on-chain representation.
The initiative aims to create a multi-fiat stablecoin environment instead of relying primarily on dominant dollar-pegged tokens like USDT and USDC, which today provide much of the liquidity and settlement infrastructure in crypto markets. According to Zhao, Binance is “working with more countries and supporting each country in issuing stablecoins pegged to their own national currency.”
Several governments and payment providers have expressed interest in building digital-asset rails linked to domestic currencies to improve payments and cross-border transfers. Market analysts say a wave of local-currency stablecoins could widen on-chain options, prompt new regulatory responses, and reshape payment corridors. Banks, fintech firms, and exchanges would likely play roles in issuing, custodial services, and on-ramps.
The announcement comes as regulators around the world increase scrutiny of stablecoins. Zhao’s comments signal Binance’s intent to move beyond global dollar-focused stablecoins and support projects that bring additional fiat currencies onto blockchain platforms. If adopted at scale, national-currency stablecoins could change how liquidity is distributed, how compliance is managed, and how cross-border payments are executed in crypto markets.