Bilal Bin Shakib Says Pakistan Will Launch Its ‘Own Stablecoin’

• Stablecoin could be used to secure public debt: Bilal.
• Pakistan seeks to be at the forefront of digital innovation: the crypto czar.
• “Why should we be at the end of the line when we have muscle and adoption?”

Pakistan is set to launch its own stablecoin as part of efforts to embrace digital financial innovation, Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), announced on Thursday.

According to CoinDesk, a digital media outlet that focuses on cryptocurrencies, blockchain, and the digital asset economy, a stablecoin is a type of cryptocurrency whose value is tied to another asset class, such as a fiat currency or gold, to stabilize its price.

Speaking at Binance Blockchain Week in Dubai, he said the country is experimenting with both a stablecoin and a Central Bank Digital Currency (CBDC), but stressed that the stablecoin initiative will definitely move forward.

The crypto czar highlighted that the stablecoin could serve as a tool to secure government debt, adding that Pakistan aims to be at the forefront of global digital financial developments.

“Why be on the receiving end when we have the muscle and the adoption?” he noted, underscoring the country’s ambition to lead rather than follow in this emerging financial sector.

Separately, the Crypto Board of Pakistan said Saqib addressed a high-level panel discussing the future of virtual assets and the regulation of emerging markets.

“It highlighted that for countries like Pakistan, clear and innovation-friendly cryptocurrency regulation is a key driver of economic growth. Pakistan’s work on stablecoins, data frameworks and managing the unbanked can become a valuable case study for the world,” the council wrote in X.

Pakistan’s crypto market is estimated to have more than 40 million users with an annual transaction volume exceeding $300 billion, making it among the most active frontier markets for digital assets.

Earlier in May, Bilal unveiled the country’s first government-led strategic Bitcoin reserve, marking a historic shift in the country’s digital and economic outlook.

Addressing a global audience that included US Vice President JD Vance, Eric Trump and Donald Trump Jr in Las Vegas, he positioned Pakistan as a progressive digital hub, powered by its tech-savvy youth and boosted by a shift towards decentralized finance.

Bilal revealed that the reserve will not be used for speculation or trading, but will serve as a state-owned holding company – signaling the long-term commitment to blockchain-based finance. The national Bitcoin wallet already holds assets in government custody.