Changpeng Zhao proposes a roadmap for states: asset tokenization and national stablecoins
Binance founder Changpeng Zhao (CZ) has put forward a comprehensive proposal for governments seeking to integrate digital assets into their financial systems. Key points of his strategy include transitioning stock exchanges to a tokenized format and launching national stablecoins. According to him, this vision represents the next logical stage in the evolution of the crypto industry, capable of fundamentally reshaping the global capital markets landscape.
CZ's initiative is based on the concept of tokenizing real-world assets (RWA). Converting ordinary stocks into on-chain tokens opens round-the-clock access to local markets for investors worldwide, removing traditional barriers such as exchange operating hours and jurisdictional restrictions. Alongside this, the issuance of government-backed digital currencies pegged to fiat will strengthen the position of local monetary units within decentralized networks, reducing the dominance of dollar-pegged stablecoins.
Why stock tokenization is inevitable
According to my analysis, Zhao's proposal is not just theory. The RWA market is already experiencing explosive growth. By mid-2026, the volume of tokenized real-world assets on public blockchains exceeded $32 billion, compared to around $6 billion a year earlier. Several exchanges are already trading tokenized stocks and ETFs linked to major U.S. companies. Boston Consulting Group's forecasts, estimating this market's potential at $16 trillion by 2030, are looking increasingly realistic given current trends.
"States should move toward tokenizing stocks so that investors from around the world can buy them. It is also important for countries to issue their own stablecoins so that their currency is used more actively on the blockchain," Zhao emphasized.
National stablecoins: regaining control
Stablecoins, which dominate the crypto economy, are 99% pegged to the U.S. dollar. The total market capitalization of this segment stands at $315 billion, with leaders being Tether (USDT) and USD Coin (USDC). Launching sovereign digital currencies will allow states not only to reduce dependence on the U.S. currency but also to maintain full monetary control within their borders. This is particularly relevant for developing countries, where populations are increasingly using stablecoins for savings and payments.
Zhao's current advisory activities complement his strategy harmoniously. He already serves as an advisor to Pakistan's Crypto Council, provides support to the Kyrgyz government in designing a gold-backed national coin, and Binance has received approval to launch a cryptocurrency platform in Kazakhstan.
Expert opinion: CZ's proposal is a pragmatic and timely manifesto for sovereign finance. If governments adopt this approach, they—rather than private issuers—will be able to set the pace for transitioning traditional markets into an on-chain format. The question is not whether this will happen, but who will lead the process.