Changpeng Zhao proposed a roadmap for states: tokenization of stocks and national stablecoins
Binance founder Changpeng Zhao (CZ) has unveiled an ambitious strategy for nations seeking to integrate into the global crypto economy. Key elements of his vision include transitioning stock exchanges to tokenized assets and launching national stablecoins. In his view, this will be the next logical step in the evolution of the entire industry.
Tokenization as a Bridge to Global Investors
Zhao detailed his initiative, emphasizing that tokenizing securities provides round-the-clock access to local markets for international investors. Issuing state-backed digital currencies, in turn, will strengthen the position of local fiat currencies in decentralized networks. This involves transforming real-world assets (RWA) into on-chain tokens, a practice already being actively implemented. This approach simplifies fractional ownership, accelerates settlements, and removes barriers for foreign capital.
According to my analysis of data from RWA.xyz, the tokenized real-world asset segment is experiencing explosive growth: by mid-2026, its volume exceeded $32 billion, compared to around $6 billion a year earlier. Analysts at Boston Consulting Group predict this figure could reach $16 trillion by 2030. Several exchanges already trade tokenized stocks and ETFs linked to major U.S. corporations.
National Stablecoins as a Tool for Sovereignty
Zhao strongly supports the creation of fiat digital equivalents under the patronage of central banks. Such projects will allow traditional money to be fully integrated into cryptographic protocols. According to DefiLlama, the dominance of dollar-backed stablecoins in this niche remains overwhelming—around 99% of the total market volume of $315 billion. The emergence of sovereign digital currencies could help reduce the massive dependence of local economies on the U.S. dollar while maintaining full monetary control within the state.
Interestingly, this initiative harmoniously complements Zhao's own consulting activities. He currently serves as an advisor to Pakistan's Crypto Council, supports the government of Kyrgyzstan in designing a gold-backed national coin, and Binance has received approval to launch a cryptocurrency platform in Kazakhstan.
Current co-CEO of the company, Richard Teng, confirms the avalanche-like growth in stablecoin popularity: about 36% of clients from developing regions prefer to store more than half of their savings in stable digital coins. In his view, this trend proves that such tokens are already simplifying everyday payments.
Expert opinion: Zhao's proposal is not just an abstract idea but a pragmatic plan based on real market trends. If governments adopt this approach, they—rather than private corporations—could set the pace for transitioning traditional markets into an on-chain format. However, the key challenge will remain balancing sovereign control with decentralization, which will require fine-tuning regulatory mechanisms.