After meetings with officials and regulators in Asia, Changpeng Zhao (CZ) wrote that countries should tokenize stock markets and issue their own stablecoins.
According to him, tokenizing stocks will attract buyers from around the world, and national stablecoins will expand the use of local currencies on the blockchain.
Why CZ Suggests Countries Tokenize Stocks
CZ reported that he discussed this topic with representatives of several Asian countries. He did not name specific states, but noted that negotiations are progressing.
His main focus is on RWA. These are real-world assets that are transferred to blockchain format. In the case of stocks, this refers to tokens linked to company securities.
This format is already being tested by some platforms. It allows trading assets not only within the standard exchange schedule. In addition, investors can buy shares of stocks, and settlements for transactions are faster.
There is not yet a fully tokenized stock market in any country. At the same time, the RWA sector itself is growing rapidly. According to RWA.xyz, by mid-2026 the volume of tokenized real-world assets on public blockchains exceeded $32 billion. A year earlier, the figure was about $6 billion.
Tokenized real-world asset market. Source: RWA.xyz
While governments are only considering tokenization, part of the market is already working with this format. On some platforms, tokenized stocks and ETFs of major American companies are available. Boston Consulting Group expects that by 2030 the tokenization market could reach $16 trillion.
“Countries need to tokenize their stocks and open access to buyers from around the world. Countries should also issue their own stablecoins to expand the use of their currencies on the blockchain,” CZ wrote.
National Stablecoins and Dependence on the Dollar
The second part of CZ’s proposal concerns stablecoins backed by national currencies. He believes that such assets will help countries bring their currencies into blockchain infrastructure.
Currently, this market is almost entirely tied to the dollar. According to DefiLlama, about 99% of the segment is occupied by tokens pegged to the US dollar. The total capitalization of stablecoins is about $315 billion. The leaders remain USDT from Tether and USDC from Circle.
Total stablecoin market capitalization. Source: DefiLlama
National stablecoins could partially change the situation. For governments, this is a way to promote their currencies in digital payments and not rely solely on dollar tokens.
CZ is already advising authorities on similar issues. He works as a strategic advisor to the Pakistan Crypto Council and helps Kyrgyzstan with its crypto agenda. In the country, in particular, they are discussing launching a gold-backed stablecoin.
See also: Perpetual Bitcoin Futures Are Changing the US Market
Binance is also expanding its work with governments. In Kazakhstan, the exchange received permission to launch a local platform for trading digital assets.
The demand for stablecoins was also discussed by Binance co-CEO Richard Teng. According to him, 36% of platform users from developing countries hold at least half of their funds in such assets.
Teng believes that stablecoins are already used not only for trading. They are becoming a tool for transfers, payments, and storing money.
BNB, the token of the CZ ecosystem, was trading at around $599 at the time of publication. In 24 hours, it lost about 1%.
If at least some countries follow CZ’s scenario, tokenization could move more quickly from experiments to real financial infrastructure.
