Pakistan has been very keen on digital assets, and now the concept of a Rupee-based stablecoin is on the table. It could help the country advance its financial system and unlock significant economic value. A Rupee-Backed Stablecoin could enable Pakistan to take part in that growth instead of sitting on the sidelines.
Pakistan’s Quiet Crypto Surge
Experts at the Sustainable Development Policy Institute Conference shared surprising numbers. Pakistanis may have invested between $20 billion and $30 billion in crypto assets. Trading could reach as high as $300 billion. That is almost the size of Pakistan’s 400 billion dollar GDP.
🇵🇰 Pakistanis hold over $30B in crypto assets. Experts warn that without clear regulations, the country could miss a major economic opportunity. The State Bank, with IMF & World Bank support, is now developing a digital rupee prototype. pic.twitter.com/h2XCjUBzJL
— Ihtisham Ul Haq (@iihtishamm) November 9, 2025
However, these numbers are estimates because the country still lacks a formal legal framework for cryptocurrency. Experts warned that delays in regulation could cost Pakistan up to 25 billion dollars in missed opportunities. Their proposal was a gradual and cautious approach to legalisation. Among them were cybersecurity and consumer protection. They also indicated that they should introduce a central bank digital currency, or CBDC, before broader crypto regulations.
Why a Rupee-Backed Stablecoin Matters
Zafar Masud, President of the Pakistan Banks Association, stated that the country could unlock $20 to $25 billion through digital assets. He pointed to the fast growth of global stablecoins. He noted that Pakistan is now considering a Rupee-backed stablecoin for local use.
🇵🇰 ADOPTION: Pakistan is weighing a rupee-backed stablecoin to expand financial access. pic.twitter.com/Lvcl50ujUv
— Cointelegraph (@Cointelegraph) November 8, 2025
Masud said a CBDC could boost financial inclusion. Nevertheless, he cautioned that poor security and regulations are also significant challenges. Other experts agreed. Singapore-based analyst Yara Wu noted that a CBDC could make remittances safer and more cost-effective. SDPI’s Sajid Amin stressed the need for firm rules and cyber protection. Faisal Mazhar from the State Bank of Pakistan added that a CBDC prototype is already in development. The World Bank and the IMF are supporting the project, and a pilot will be out before its nationwide use.
A Startup Pushes Ahead
Pakistan’s interest in a Rupee-Backed Stablecoin comes soon after ZAR, a fintech startup, raised 12.9 million dollars. The round included a16z, Dragonfly, Coinbase Ventures, and others. ZAR wants to bring stablecoins to everyday users in Pakistan. The country has more than 100 million unbanked adults. ZAR hopes stablecoins can help close that gap.
ZAR has raised $12.9 million to bring ROCK. SOLID. DOLLARS. to the Global South 💵🌍
Led by @a16zcrypto , with @dragonfly_xyz , @vaneck_us , @cbVentures , and Endeavor Catalyst.
— ZAR (@zardotapp) October 28, 2025
Pakistan also invited global crypto companies to apply for local licences under its new framework. The Pakistan Virtual Asset Regulatory Authority will oversee the process.
Conclusion
Pakistan is moving closer to digital finance with A Rupee-Backed Stablecoin and a CBDC, which could boost inclusion and open new economic doors. The country now faces a simple choice. Move fast and gain billions in value, or wait and miss the opportunity.