Pakistan teams up with Binance to promote $2 billion RWA, national stablecoin launch imminent

Pakistan recently announced that it will launch a national stablecoin and simultaneously signed a memorandum of understanding with Binance (Binance) to assess the tokenization of government bonds, treasury bills, and state-owned assets such as commodities, with a maximum scale of up to $2 billion.

双方签署备忘录，评估20亿美元国有资产代币化

Pakistan’s Ministry of Finance stated that it has signed a non-legally binding cooperation memorandum with Binance, with Binance serving as an advisor to help evaluate the on-chain tokenization of certain state-owned assets in Pakistan. The scope of assets to be tokenized includes:

• Government bonds
• Treasury bills
• Commodities such as oil, natural gas, and metals

The total scale could reach up to $2 billion. The memorandum focuses on exploring the feasibility of blockchain technology in the issuance, distribution, and circulation of government assets. Pakistan’s Finance Minister Muhammad Aurangzeb stated that the partnership aims to establish a long-term relationship, with the next phase emphasizing practical implementation, and stressed that the government will balance quality and speed to deliver results.

CZ Sets the Direction for Cooperation; Agreement Still Requires Regulatory Approval

Binance founder CZ is currently serving as a strategic advisor to the Pakistan Cryptocurrency Board. He said that this memorandum sends a positive signal not only to Pakistan but also to the global blockchain industry.

CZ pointed out that this cooperation marks Pakistan’s official launch of comprehensive asset tokenization deployment. However, the memorandum remains a non-binding document, and both parties need to finalize a formal agreement within six months, subject to approval by the relevant regulatory authorities.

Progressing Regulation in Tandem; Binance and HTX Receive Initial Approval

Beyond the memorandum, the Pakistan Virtual Assets Regulatory Authority (PVARA) has also been advancing regulatory processes. It has issued “No Objection Certificates” (No Objection Certificate) to Binance and HTX, allowing both exchanges to:

• Conduct AML (AML) system registration
• Prepare and submit formal license applications

However, neither exchange has yet been permitted to operate officially in the country.

Large User Base, Phased Regulatory Approach

PVARA Chairman Bilal bin Saqib said that Pakistan is currently the third-largest retail crypto market globally, with an estimated 40 million users and an annual trading volume exceeding $300 billion.

He stated that this phased regulation approach allows service providers to initially offer cross-border services under an AML framework while gradually achieving full compliance. Binance also responded that this arrangement aligns with Pakistan’s regulatory plans and demonstrates its long-term commitment to supporting the local digital economy.

National Stablecoin Launch Confirmed, Will Be Used for Government Debt Collateralization

Earlier this month, Saqib publicly confirmed at Binance Blockchain Week in Dubai that Pakistan “will definitely launch a national stablecoin.” During a panel discussion on virtual asset regulation, he explained that the stablecoin will be used for:

• Collateralizing government debt and structuring
• Coordinating with the central bank’s CBDC pilot program

Saqib emphasized that Pakistan does not want to fall behind in the wave of financial digitalization but aims to stay at the forefront of innovation.

This article, “Pakistan Joins Binance to Push $2 Billion RWA, National Stablecoin Launch Imminent,” first appeared on Chain News ABMedia.