Binance to advise Pakistan on $2 billion asset tokenization as country prepares stablecoin launch
Binance signed an MoU with Pakistan to advise on tokenizing $2 billion in state assets and advancing plans for a national stablecoin.Summary
Pakistan has signed a non-binding Memorandum of Understanding (MoU) with crypto exchange Binance to explore tokenizing up to $2 billion worth of state-owned assets, including sovereign bonds, treasury bills, and commodity reserves. This move is part of Pakistan's broader strategy to embrace digital finance, which also includes advancing plans for a national stablecoin. Finance Minister Muhammad Aurangzeb views the MoU as a signal of the country's reform trajectory. Concurrently, both Binance and HTX received preliminary clearances from the Pakistan Virtual Assets Regulatory Authority (PVARA) to begin the local licensing process, though they are not yet authorized to operate. PVARA Chairman Bilal bin Saqib confirmed Pakistan's intent to launch a sovereign stablecoin to collateralize government debt, positioning the country to be at the forefront of digital financial innovation, given its large retail crypto user base.
(Source：The Block)