Pakistan is considering the launch of a rupee-backed stablecoin, with experts warning that delayed regulation of digital assets could cost the country up to $25 billion in economic opportunities.
According to local news outlet Daily Times, at a meeting of the Sustainable Development Policy Institute (SDPI) on Friday, Zafar Masud, chairman of the Pakistan Banks Association (PBA), stated that the country could unlock $20 billion to $25 billion in crypto-related growth.
Masud pointed to the thriving global stablecoin market and added that Pakistan is "seriously considering the launch of a rupee-backed stablecoin," noting that a central bank digital currency (CBDC) could improve financial accessibility while reducing remittance costs.
Faisal Mazhar, deputy director of the payment department at the State Bank of Pakistan, revealed that a CBDC prototype is under development with the assistance of the World Bank and the International Monetary Fund (IMF), with plans for a pilot phase before a full launch.
Pakistan's plan to launch its own stablecoin comes shortly after the introduction of ZAR. ZAR is a fintech startup aimed at enabling ordinary users in Pakistan and other emerging markets to use dollar-backed stablecoins, having raised $12.9 million in a funding round led by Andreessen Horowitz (a16z).
Other investors include Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst. ZAR targets Pakistan's population of 240 million, of which over 100 million adults remain unbanked, aiming to bridge the financial inclusion gap through stablecoin access.
As reported by Cointelegraph, Pakistan jumped six places in Chainalysis's 2025 Global Crypto Adoption Index, securing third place and solidifying its position as one of the fastest-growing cryptocurrency markets in the world.
In September, Pakistan opened its doors to international crypto exchanges and virtual asset service providers (VASPs), inviting them to apply for licenses under a new federal regulatory framework.
The Pakistan Virtual Asset Regulatory Authority (PVARA) urged leading companies to submit expressions of interest (EoI) to help shape the country's emerging digital asset industry. PVARA was established under the 2025 Virtual Assets Regulations and is responsible for licensing, regulating, and supervising VASPs.
Related: Japan's Financial Services Agency supports the joint launch of a stablecoin program by the country's top banks.
Original article: “Pakistan Considers Launching Rupee-Backed Stablecoin, Claims $25 Billion Crypto Opportunity Awaiting Release”
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