Zhao advises Pakistan and Kyrgyzstan on crypto initiatives; on-chain RWAs reach $32B. He urges government stock tokenization and national stablecoins. Binance gets Kazakhstan approval.
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Changpeng Zhao, the former Binance CEO, is urging governments to tokenize their stock markets and issue national stablecoins backed by fiat currency. Zhao currently advises Pakistan and Kyrgyzstan on crypto initiatives, according to public records. Binance received approval to operate in Kazakhstan, giving the exchange a regulated base in Central Asia.
The push comes as real-world assets tokenized on public blockchains reached $32 billion by mid-2026, up from $6 billion a year earlier. Tokenized stocks and bonds now represent a meaningful slice of on-chain value. Zhao's pitch centers on faster settlement times and broader retail access compared with traditional clearing systems.
Zhao's advisory role in Pakistan and Kyrgyzstan suggests he is positioning himself as a policy consultant rather than an exchange executive. His advocacy for national stablecoins mirrors proposals from the IMF and the World Bank, which have urged developing economies to issue digital versions of their currencies. A government-backed stablecoin, Zhao argued in recent meetings, would reduce reliance on private stablecoin issuers and give central banks direct control over monetary policy transmission. The Federal Reserve has proposed bank-style identity checks for stablecoin issuers, underscoring the regulatory tension around private coins.
Binance's Kazakhstan license is separate from Zhao's advisory work but reinforces the region's importance. Kazakhstan has emerged as a hub for crypto mining and exchange operations, partly due to cheap energy and a relatively clear set of rules. Binance's approval covers digital asset custody and exchange services, according to the Astana Financial Services Authority.
For traders, the story is less about Zhao's personal lobbying and more about the asset class it targets. Tokenized equities and government-issued stablecoins compete directly with existing crypto products. A U.S. Treasury stablecoin would absorb demand currently flowing into USDT and USDC. Tokenized stocks compete directly with platforms like Ondo Finance or Securitize.
The $32 billion in on-chain RWAs includes real estate and credit. Equities and bonds make up roughly half of that total, according to data from RWA.xyz. If even a small fraction of the world's $100 trillion in listed equity migrated onchain, the infrastructure demands would dwarf current blockchain capacity. Zhao's argument is that governments should build their own rails rather than rely on private networks.
Binance's Kazakhstan approval took effect in the second quarter of 2026. Zhao's advisory engagements are ongoing. No timeline has been set for a tokenized stock pilot in either Pakistan or Kyrgyzstan.
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