Pakistan is preparing to launch its own stablecoin as part of a broader push toward digital financial innovation, the chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, announced on Thursday.
Speaking at Binance Blockchain Week in Dubai, Saqib said Pakistan is working simultaneously on a stablecoin and a Central Bank Digital Currency (CBDC), but confirmed that the stablecoin project would definitely move forward.
A stablecoin is a form of cryptocurrency whose value is linked to a traditional asset such as the US dollar or gold, giving it a more predictable price compared to other digital currencies.
Saqib said the new digital asset could even be used to collateralise government debt, signalling the state’s intention to integrate blockchain tools into mainstream financial operations. He added that Pakistan wants to lead innovation rather than lag behind other countries.
“Why should we be at the tail end when we have the muscle and the adoption?” he asked, noting Pakistan’s large and active digital community.
In a separate statement, the Pakistan Crypto Council said Saqib participated in a high-level panel on the future of virtual assets and regulation in emerging markets. The council noted that he emphasised the importance of clear, business-friendly crypto rules for economic growth.
“Pakistan’s work on stablecoins, data frameworks, and banking the unbanked can become valuable case studies for the world,” the council said on X.
Pakistan is considered one of the most active digital-asset markets among developing economies, with more than 40 million crypto users and an estimated annual trading volume of over $300 billion.
The country has recently taken several steps to formalise its digital finance strategy. In May, PVARA unveiled Pakistan’s first government-backed Strategic Bitcoin Reserve. Saqib told a global audience in Las Vegas, including US Vice President JD Vance, Eric Trump and Donald Trump Jr, that the reserve would serve as a long-term sovereign holding rather than a tool for speculation.
He said the initiative reflects Pakistan’s goal of building a strong digital future powered by a young and tech-savvy population, and a shift toward decentralised financial systems.
