Pakistan to launch first stablecoin, official says

Pakistan is poised to enter the global digital financial arena with the launch of its first stablecoin, a move aimed at integrating virtual assets into the national economy, Bilal bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), announced on Friday.

Speaking at Binance Blockchain Week, Saqib confirmed that the country will “definitely launch” a stablecoin, while also developing Central Bank Digital Currencies (CBDCs).

“I think it’s a great way to secure public debt,” Saqib said. “We want to be at the forefront of this financial digital innovation that’s happening. Why should we be at the tail end of it when we have the power and the adoption?”

He made the remarks during a panel discussion on the future of virtual assets and the regulation of emerging markets, organized by the Pakistan Cryptocurrency Council (PCC).

The council noted on its social media that Saqib “stressed that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth.”

The post added that Pakistan’s work on stablecoins, data frameworks and efforts to finance the unbanked could become valuable case studies for other nations.

PVARA is an autonomous federal authority and functions under a multi-stakeholder board that includes 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 mandate includes curbing illicit finance, protecting consumers and unlocking opportunities in financial products, remittances and tokenized assets, while encouraging Sharia-compliant innovation through regulatory sandboxes.

Earlier in 2025, Saqib unveiled Pakistan’s first strategic Bitcoin reserve under the government during a keynote address at Bitcoin Vegas attended by prominent figures such as US Vice President JD Vance, Eric Trump and Donald Trump Jr.

In May, the government also announced the provision of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence (AI) data centers.