Binance’s CZ urges nations to tokenize stocks, issue stablecoins

Binance founder Changpeng Zhao urged governments to tokenize stock markets and issue fiat-backed national stablecoins after talks with leaders and regulators across Asia. He published the recommendations in two posts and did not name the countries he visited.

Tokenized equities represent company shares as blockchain tokens. They can trade 24 hours a day, allow fractional ownership and settle faster than conventional trades. Several exchanges list tokenized stocks and exchange-traded funds tied to major U.S. companies, though no country has converted an entire national stock exchange to on-chain tokens.

Zhao framed his proposal around real-world assets on public blockchains. Tokenized real-world assets on public chains reached about $32 billion by mid-2026, up from roughly $6 billion a year earlier, RWA.xyz data shows. Consulting firm Boston Consulting Group projects tokenization could grow to $16 trillion by 2030.

On stablecoins, Zhao recommended governments issue fiat-backed versions of their currencies to expand use on blockchain rails and reduce reliance on dollar-pegged tokens. The total stablecoin market is roughly $315 billion, and dollar-pegged tokens account for close to 99% of that market, with leading tokens including Tether’s USDT and Circle’s USDC, DefiLlama figures show.

In two posts on social media, Zhao wrote: “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.”

Binance has advised several governments and pursued regional projects. Zhao serves as a strategic adviser to the Pakistan Crypto Council and is advising Kyrgyzstan on a planned gold-backed stablecoin. The exchange won approval to develop a crypto marketplace in Kazakhstan.

Binance co-CEO Richard Teng posted that 36% of the platform’s users in emerging markets now hold at least half of their funds in stablecoins, adding, “Stablecoins are changing everyday life in many countries. Why? Because they make life easier.”

Regulators and market participants have raised questions about custody, investor protection and how on-chain tokens would fit with existing market rules. Markets for tokenized assets and stablecoins have expanded as firms and governments consider technical and regulatory changes.