Binance founder Changpeng Zhao (CZ) is advocating for governments to tokenize their stock markets and issue national stablecoins, describing sovereign blockchain adoption as the next phase of cryptocurrency following meetings with Asian leaders and regulators.
CZ shared these recommendations in two posts, stating that countries tokenizing equities can attract global buyers, while national stablecoins can enhance local currency usage on the blockchain. He indicated that the discussions with various country leaders and regulators across Asia were progressing well, although he did not specify which countries were involved.
His proposal focuses on real world assets (RWA). Tokenized equities convert company shares into blockchain tokens that can trade continuously, a model currently being implemented. Supporters argue that this method provides fractional ownership, quicker settlement, and wider access for buyers beyond traditional brokerage channels. As of now, no country has fully tokenized its stock exchange.
The broader RWA market has expanded rapidly, with tokenized real world assets on public blockchains exceeding $32 billion by mid-2026, a significant rise from approximately $6 billion a year earlier, according to RWA.xyz data. Several exchanges already offer tokenized stocks and ETFs linked to major U.S. companies. Boston Consulting Group estimates that tokenization could reach $16 trillion by 2030.
“Countries need to tokenize their stocks, allowing worldwide buyers. (RWA) Countries need to issue their own stablecoin(s), to expand their currency’s usage on the blockchain,” CZ stated.
CZ also emphasizes the importance of governments issuing fiat-backed stablecoins. He believes this would increase a currency’s presence across blockchain platforms and facilitate its next growth phase. Dollar-pegged tokens currently account for nearly 99% of the estimated $315 billion stablecoin market, which is dominated by Tether (USDT) and USD Coin (USDC), according to DefiLlama data.
National stablecoins could lessen dependence on the dollar while maintaining monetary control closer to the issuing country. CZ’s message aligns with his advisory roles, including his work with the Pakistan Crypto Council and advising Kyrgyzstan on developing a gold-backed stablecoin. Additionally, Binance has received approval to establish a crypto marketplace in Kazakhstan.
Binance co-CEO Richard Teng noted a growing demand for stablecoins, revealing that 36% of emerging-market users on the platform now maintain at least half of their assets in stablecoins. He characterized this trend as evidence that these tokens facilitate everyday payments.
BNB, the token associated with CZ’s ecosystem, was trading near $599, reflecting a decline of about 1% over a 24-hour period. The adoption of CZ’s strategy by governments could influence the pace at which traditional markets transition to blockchain technology.
