Pakistan is preparing to establish its first national stablecoin as part of a larger effort to integrate digital assets into its financial system. Officials presented the idea at Binance Blockchain Week in Dubai, describing it as a significant milestone for the country’s fledgling digital economy.
Pakistan Outlines A Rupee-Backed Stablecoin To Modernize Its Digital Finance Sector.
The chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has stated that Pakistan will proceed with a rupee-backed stablecoin. He emphasised that the project complements national efforts to provide digital financial tools and enhance access to regulated virtual assets.
While many countries remain hesitant to regulate cryptocurrency, Pakistan is taking a more direct approach. It plans to create its own national stablecoin. Bilal Bin Saqib, president of the PVARA, confirmed this confidently. He believes that stablecoins are a straightforward and modern method to strengthen public debt while incorporating millions of citizens into a digital economy.
A stablecoin is a digital token whose value is inherently connected to a physical currency, such as the US dollar, making it more stable than other cryptocurrencies, including Bitcoin.
Speaking at Binance Blockchain Week in Dubai, the crypto czar stated that Pakistan will “definitely launch” a stablecoin, and that the country is developing both that and Central Bank Digital Currencies (CBDCs).
“I think it is a great way to collateralise the government debt,” Saqib told Reuters. “We want to be at the forefront of the financial digital innovation that is occurring. Why should we be on the back end of it when we have the muscle and the adoption?”
Bitcoin Reserves And Major Mining Power Push Pakistan’s Digital-Asset Expansion.
The PVARA is an autonomous federal institution that reports to a multi-stakeholder board that comprises the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission, and the Chairman of the Federal Board of Revenue.
Its goal is to tackle illegal finance, protect consumers, and create opportunities in fintech, remittances, and tokenised assets, all while encouraging Shariah-compliant innovation through regulatory sandboxes.
Earlier in 2025, Saqib announced Pakistan’s first government-led Strategic Bitcoin Reserve during a speech at Bitcoin Vegas, which was attended by significant personalities such as US Vice President JD Vance, Eric Trump, and Donald Trump Jr.
In May, the government announced the allocation of 2,000 megawatts (MW) of electricity as the first phase of a national project to power Bitcoin mining and artificial intelligence (AI) data centres.
