Pakistan is very keen on digital assets and the concept of a rupee-based stablecoin is currently being considered. It could help advance a country’s financial system and unlock significant economic value.
A rupee-backed stablecoin could allow Pakistan to participate in that growth rather than sitting on the sidelines.
Pakistan’s quiet crypto surge
Experts at the Institute for Sustainable Development Policy Conference shared some alarming numbers. Pakistanis may have invested $20 billion to $30 billion in crypto assets. The transaction value could reach up to $300 billion. This is roughly equivalent to Pakistan’s GDP of $400 billion.
🇵🇰 Pakistanis own over $30 billion in crypto assets. Experts have warned that without clear regulations, the country could miss out on major economic opportunities. The state bank is currently developing a digital rupee prototype with support from the IMF and the World Bank. pic.twitter.com/h2XCjUBzJL
— Ihtisham-ul-Haq (@iihtishamm) November 9, 2025
However, these numbers are estimates, as the country does not yet have a formal legal framework for cryptocurrencies. Experts have warned that regulatory delays could cost Pakistan up to $25 billion. Their proposal was a gradual and measured approach to legalization. That included cybersecurity and consumer protection. He also suggested that a central bank digital currency (CBDC) should be introduced before widespread cryptocurrency regulation.
Why rupee-backed stablecoins are important
Pakistan Bankers Association Chairman Zafar Masood said Pakistan has the potential to unlock $20 billion to $25 billion through digital assets. He pointed to the rapid growth of stablecoins worldwide. He said Pakistan is currently considering a rupee-backed stablecoin for domestic use.
🇵🇰 Introduction: Pakistan is considering introducing a rupee-backed stablecoin to expand financial access. pic.twitter.com/Lvcl50ujUv
— Cointelegraph (@Cointelegraph) November 8, 2025
Masoud said CBDCs have the potential to promote financial inclusion. Nevertheless, he warned that inadequate security and regulation are also major challenges. Other experts agreed. Singapore-based analyst Yara Wu said CBDCs could make remittances safer and more cost-effective. SDPI’s Sajid Amin emphasized the need for firm rules and cyber protection. State Bank of Pakistan’s Faisal Mazhar added that a CBDC prototype is already under development. The World Bank and IMF are supporting the project, and a pilot will begin before it is rolled out nationwide.
Startup moves forward
Pakistan has expressed interest in a rupee-backed stablecoin, shortly after fintech startup ZAR raised $12.9 million. The round included a16z, Dragonfly, Coinbase Ventures, and more. ZAR wants to provide stablecoins to everyday users in Pakistan. More than 100 million adults in this country do not have a bank account. ZAR hopes stablecoins can help fill that gap.
ZAR raised $12.9 million to attract ROCK. solid. dollar. To the Global South💵🌍
led @a16zcryptoand @dragonfly_xyz, @vaneck_us, @cbVenturesEndeavor Catalyst.
— ZAR (@zardotapp) October 28, 2025
Pakistan also called on global cryptocurrency companies to apply for local licenses under the new framework. The Pakistan Virtual Assets Regulatory Authority will oversee this process.
conclusion
Pakistan is moving closer to digital finance with rupee-backed stablecoins and CBDCs, which could increase inclusivity and open new economic doors. This country is now faced with a simple choice. Act fast and get billions in value, or wait and miss out.
Disclaimer
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