Changpeng Zhao—better known as CZ—is pushing governments to put their stock exchanges on blockchain rails and launch their own stablecoins. The Binance founder made the recommendations after meeting with Asian leaders and regulators this month, though he didn't name specific countries. His pitch comes as tokenized real-world assets have already topped $32 billion on public blockchains, up from roughly $6 billion a year earlier.
Why tokenize stock markets
Tokenized equities turn traditional shares into blockchain tokens. That means 24/7 trading, fractional ownership, and faster settlement. Several exchanges already list tokenized stocks and ETFs tied to major U.S. companies. No country has yet tokenized its full stock exchange—a gap CZ appears to see as an opportunity. Boston Consulting Group projects the broader tokenization market could hit $16 trillion by 2030.
The stablecoin push
CZ also wants governments to issue fiat-backed stablecoins, extending their currency's reach onto blockchains. It's a crowded field: dollar-pegged tokens make up close to 99% of the roughly $315 billion stablecoin market, dominated by Tether (USDT) and USD Coin (USDC). A national stablecoin would let a country's central bank maintain monetary control while capturing on-chain activity. Binance co-CEO Richard Teng said that 36% of emerging-market users on the platform now keep at least half their money in stablecoins—a data point that underscores the demand.
CZ's growing advisory role
The former CEO isn't just talking. CZ serves as a strategic adviser to the Pakistan Crypto Council and is advising Kyrgyzstan on its planned gold-backed stablecoin. Binance itself secured approval to develop a crypto marketplace in Kazakhstan. These moves give CZ direct lines to policymakers—and a chance to shape how their economies interact with blockchain. BNB, the token tied to his ecosystem, traded near $599, down about 1% over 24 hours.
Governments adopting CZ's playbook could accelerate the shift of traditional markets onto blockchains. Tokenized equities and national stablecoins would bring trillions of dollars in assets on-chain, far beyond the current $32 billion in tokenized RWAs. The big open question: which country will be first to fully tokenize its stock exchange? No one has done it yet, but with CZ pushing from the advisory side, the pressure to move first is building.
