Pakistan will launch its first sovereign .stablecoin. as part of efforts to integrate cryptocurrency into the national economy.
The country's top digital assets regulator announced it on Thursday.
Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, told attendees at Binance Blockchain Week in Dubai that the country will "definitely launch" the digital token. The announcement marks Pakistan's latest move to position itself as a regional leader in digital finance.
The stablecoin will be pegged to fiat currencies like the U.S. dollar, providing stability compared to volatile cryptocurrencies like Bitcoin. Saqib framed the initiative as a tool to collateralize government debt while accelerating Pakistan's digital economic transformation.
What Happened
Speaking at a panel discussion on virtual assets and emerging-market regulation, Saqib said Pakistan is working on both a stablecoin and Central Bank Digital Currencies. However, he emphasized that the stablecoin project will definitely move forward.
"I think it is a great way to collateralise the government debt," Saqib said. "We want to be at the forefront of this financial digital innovation that is happening. Why should we be at the tail-end of it when we have the muscle and the adoption?"
The Pakistan Crypto Council said Saqib emphasized that clear, innovation-friendly cryptocurrency regulation drives economic growth for emerging markets like Pakistan. The council noted Pakistan's work on stablecoins, data frameworks, and banking the unbanked could become valuable case studies globally.
PVARA is an autonomous federal body governed by a multi-stakeholder board including the State Bank of Pakistan governor, Securities and Exchange Commission chairman, and Federal Board of Revenue chairman. Its mandate includes curbing illicit finance, protecting consumers, and unlocking opportunities in fintech, remittances, and tokenized assets while fostering Shariah-compliant innovation.
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Pakistan's cryptocurrency market serves more than 40 million users with an estimated annual trading volume exceeding $300 billion, according to government figures.
Why It Matters
The stablecoin announcement builds on Pakistan's broader cryptocurrency strategy. In May, Saqib unveiled the country's first government-led Strategic Bitcoin Reserve at Bitcoin Vegas 2025 in Las Vegas, where attendees included U.S. Vice President JD Vance, Eric Trump, and Donald Trump Jr.
Also in May, the government allocated 2,000 megawatts of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence data centers. The move aims to attract sovereign miners, technology firms, and clean energy partners.
Pakistan ranks third globally in cryptocurrency adoption, trailing only India and the United States, according to Chainalysis' 2025 Global Crypto Adoption Index. With more than 70% of its 240 million population under age 30, Pakistan sees digital assets as critical to modernizing its economy and providing financial services to the unbanked.
The country established PVARA under the Virtual Assets Ordinance 2025, promulgated in July. The authority has invited international exchanges and virtual asset service providers to apply for operating licenses as Pakistan moves from an informal cryptocurrency market to a regulated digital finance economy.
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