CMC News

Pakistan Plans Rupee Stablecoin Amid $25B Crypto Opportunity

#Pakistan risks losing $25 billion in economic opportunities without timely digital asset regulation, according to banking sector leaders speaking at Friday's Sustainable Development Policy Institute Conference.

Pakistan Banks Association President Zafar Masud said the nation could unlock $20 billion to $25 billion in #crypto-related growth. He noted Pakistan is seriously considering a rupee-backed #stablecoin alongside a central bank digital currency to improve financial access and reduce remittance costs.

Faisal Mazhar, Deputy Director of Payments at the State Bank of Pakistan, confirmed CBDC prototype development is underway with World Bank and International Monetary Fund assistance. A pilot phase will run before full public rollout.

The announcement follows ZAR's $12.9 million funding round led by Andreessen Horowitz. The fintech startup aims to bring dollar-backed stablecoins to Pakistan and emerging markets, targeting over 100 million unbanked adults in Pakistan's 240 million population.

Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst joined as additional investors. ZAR focuses on bridging financial inclusion gaps through accessible #cryptocurrency products for the unbanked demographic.

Pakistan jumped six positions to rank third in Chainalysis' 2025 Global Crypto Adoption Index. The ranking establishes the country among the world's fastest-growing #digital asset markets despite its regulatory frameworks still being under development.

The Pakistan Virtual Asset Regulatory Authority opened license applications to international crypto exchanges and Virtual Asset Service Providers in September. PVARA, established under the Virtual Assets Ordinance 2025, handles licensing, regulation, and supervision of digital asset businesses.