Binance founder Changpeng "CZ" Zhao has announced that the cryptocurrency exchange is actively collaborating with multiple national governments to launch stablecoins pegged to their local currencies. In a post on the X platform, CZ emphasized a strategic shift away from the current dominance of dollar-pegged stablecoins, stating, "We are working with more countries and supporting each country in issuing stablecoins pegged to their own national currency."
He further advocated for a future where "each fiat currency should be represented on the chain," signaling a move towards a multi-fiat stablecoin ecosystem on blockchain networks. This announcement arrives amidst intensifying regulatory scrutiny and debate within the global stablecoin market, which has long been dominated by U.S. dollar-based tokens like Tether (USDT) and USD Coin (USDC).
Industry analysts note that the proliferation of local currency stablecoins could significantly increase diversity in the cryptocurrency market and reshape how regulators in different jurisdictions approach digital assets. Many countries are seeking to establish more independent digital payment and cross-border transfer infrastructures based on their own currencies. Banks, fintech companies, and major exchanges like Binance are expected to play critical roles in this development.
The statement underscores Binance's ambition to grow not only alongside established global dollar stablecoins but also through new projects that bring a wider array of fiat currencies onto the blockchain.
