Binance founder Changpeng Zhao said countries should tokenize their stock markets and issue their own stablecoins, arguing that governments can use blockchain infrastructure to expand access to local assets and increase global use of national currencies. The comments add to a growing debate over whether tokenization should be led by private crypto firms, traditional financial institutions or national governments.
CZ said countries need to tokenize their stocks to allow worldwide buyers. He also said governments should issue stablecoins tied to their own currencies to expand currency usage on blockchain networks. The argument is straightforward: tokenized stocks could make domestic companies easier for foreign investors to access, while national stablecoins could help local currencies circulate in global digital markets.
The comments come as tokenized real-world assets have become one of crypto’s fastest-growing institutional narratives. Banks, asset managers and exchanges are increasingly exploring blockchain-based versions of stocks, bonds, funds and money market instruments. At the same time, stablecoins have become one of the most widely used crypto products, functioning as settlement assets, trading collateral and cross-border payment tools.
Tokenized markets as national strategy
CZ’s proposal frames tokenization as a national competitiveness issue rather than only a crypto industry opportunity. For smaller or emerging markets, tokenized equities could, in theory, widen the investor base beyond domestic brokers and local exchanges. A company listed in one country could become accessible to global buyers through blockchain-based markets, reducing friction around accounts, intermediaries, settlement cycles and cross-border access.
That could be especially attractive for countries with underdeveloped capital markets or currencies that have limited international reach. If regulated properly, tokenized shares could improve liquidity, broaden ownership and help domestic firms reach foreign capital without relying entirely on overseas listings.
National stablecoins could play a similar role for currencies. Today, dollar-linked stablecoins dominate crypto settlement and trading. That dominance reinforces the dollar’s role in digital markets, even outside the United States. CZ’s argument implies that countries wanting their currencies to remain relevant in on-chain finance may need blockchain-native versions that can be used in payments, trading and settlement.
The idea is not without precedent. Several governments are exploring digital currency frameworks, while private issuers have launched stablecoins linked to currencies beyond the dollar. However, most non-dollar stablecoins remain small compared with U.S. dollar-backed tokens, which continue to dominate liquidity across crypto exchanges and DeFi protocols.
Regulatory questions remain
The challenge is that tokenized stocks and sovereign stablecoins raise difficult regulatory questions. Tokenized equities must address investor rights, custody, dividends, voting, market manipulation, disclosure and settlement finality. If a stock token does not give holders the same rights as ordinary shares, regulators may treat it as a derivative rather than a direct equity interest.
Stablecoins also carry risks. Governments issuing or approving national stablecoins would need clear rules on reserves, redemption, distribution, anti-money laundering controls and cross-border supervision. A poorly designed stablecoin could create financial stability risks, especially in countries with weaker banking systems or volatile currencies.
CZ’s comments also arrive at a sensitive moment for Binance. The exchange remains under regulatory scrutiny in several major markets, while European authorities are preparing for full implementation of MiCA licensing requirements. That background may shape how policymakers interpret his proposal: as a serious market infrastructure idea, but also as one coming from a crypto founder whose company has faced compliance challenges.
Still, the broader direction is clear. Tokenization is moving from crypto-native experimentation toward mainstream financial policy. Governments are no longer only asking how to regulate digital assets. They are also asking whether they should use the same technology to distribute national assets, modernize markets and defend monetary influence.
CZ’s message is that countries should not wait for private platforms or foreign currencies to dominate on-chain finance. If governments want global buyers for their stocks and wider use of their currencies, he argues, they need to bring both onto blockchain rails.
