CZ says Binance is working with governments to launch local-currency stablecoins, widening stablecoin options beyond dollar-pegged tokens.
Summary
- CZ says Binance is working with “more countries” on stablecoins pegged to national currencies via X post.
- Shift aims to move beyond USDT- and USDC-style dollar dominance toward a multi-fiat stablecoin landscape on-chain.
- Analysts say local stablecoins could reshape regulation and payments as banks, fintechs, and exchanges join these projects.
Binance founder Changpeng Zhao announced the cryptocurrency exchange is collaborating with multiple countries on issuing stablecoins pegged to local currencies, according to a post on the X platform.
Zhao stated the stablecoin ecosystem should not be limited to dollar-based products, writing that Binance is “working with more countries and supporting each country in issuing stablecoins pegged to their own national currency.”
The executive indicated support for multiple fiat stablecoins on blockchain networks, stating “each fiat currency should be represented on the chain,” according to the social media post.
The announcement comes amid intensifying regulatory debates in the stablecoin market, where US dollar-pegged stablecoins currently maintain dominant market positions. Dollar-based stablecoins have served as primary liquidity and transfer mechanisms in cryptocurrency markets in recent years.
Multiple nations have expressed interest in establishing digital asset infrastructure based on domestic currencies for payment systems and cross-border transfers, according to industry observers.
Cryptocurrency market analysts indicate the proliferation of local currency stablecoins could increase market diversity and influence regulatory approaches across different jurisdictions. Banks, financial technology companies, and major cryptocurrency exchanges are expected to play significant roles in this development.
The statement signals Binance’s intention to expand beyond global dollar stablecoins into projects bringing additional fiat currencies to blockchain platforms, according to Zhao’s announcement.
Source: https://crypto.news/cz-lists-a-number-of-non-dollar-stablecoins-as-binance-backs-national-currencies/
