Pakistan Taps Binance to Explore $2B Tokenization Push and National Stablecoin
What Does Pakistan’s MoU With Binance Cover?
Pakistan’s finance ministry has signed a non-binding memorandum of understanding with Binance to explore tokenizing as much as $2 billion worth of government assets, including sovereign bonds, treasury bills and commodity reserves such as oil, gas and metals. The arrangement allows Binance to advise on blockchain-based distribution models but requires definitive agreements within six months and full regulatory clearance before any rollout.
Finance Minister Muhammad Aurangzeb described the MoU as part of a broader reform effort. “The next step for us is execution, and we are fully committed to delivering results with speed and quality,” he said. Binance founder Changpeng “CZ” Zhao called the agreement “a great signal for the global blockchain industry and for Pakistan,” framing it as the beginning of a longer-term effort to move toward full deployment.
While the MoU carries no binding obligations, it places Pakistan among a growing group of emerging markets exploring tokenization as a way to broaden investor access and modernize debt distribution. The plan sits alongside earlier government initiatives to build a strategic Bitcoin reserve and allocate power for digital infrastructure and mining operations.
Investor Takeaway
Tokenizing government assets is becoming a central theme across emerging markets. Pakistan’s agreement gives Binance a foothold in one of the world’s largest retail crypto markets.
Why Are Pakistan’s Regulators Moving Quickly on Licensing?
Alongside the tokenization MoU, Pakistan’s virtual asset regulator granted preliminary clearances to Binance and HTX to begin local licensing procedures. The No Objection Certificates allow the exchanges to register with the national Anti-Money Laundering system and move toward full applications, though neither firm can operate in the country yet.
The approvals follow the regulator’s call in September for global exchanges to apply for licenses as the country formalizes its digital assets framework. PVARA chairman Bilal bin Saqib said Pakistan is now the world’s third-largest crypto market by retail activity, with roughly 40 million users and annual trading volumes above $300 billion. The licensing drive is aimed at bringing major players into a supervised structure rather than leaving activity in gray-market channels.
Binance said the staged approval “aligns with Pakistan’s regulatory roadmap and reflects our long-term commitment to supporting the country’s digital economy,” adding that the NOC enables the firm to prepare AML-registered cross-border services while awaiting full authorization.
How Does the Tokenization Plan Tie Into Pakistan’s Stablecoin Push?
The MoU surfaces just weeks after Pakistan confirmed plans for a national stablecoin. Speaking at Binance Blockchain Week in Dubai, Saqib said the government will “definitely launch” a sovereign stablecoin and is also working on a central bank digital currency pilot. He said the stablecoin could help “collateralize government debt,” giving the state another channel to support its bond market and integrate digital rails into official financing.
Pakistan’s stablecoin initiative sits within a wider overhaul that began earlier this year. The Pakistan Crypto Council was formed in March, followed by the creation of PVARA in July. In April, World Liberty Financial signed a letter of intent with the Council to explore stablecoin infrastructure and real-world asset tokenization. In May, the government announced a strategic Bitcoin reserve along with plans to allocate 2,000 megawatts of power for mining and AI data centers.
These steps show how Pakistan is building a parallel digital-finance architecture supported by both domestic regulators and foreign partners. The Binance MoU extends that work into sovereign asset distribution, which, if implemented, would be one of the largest tokenization experiments undertaken by a government in the region.
Investor Takeaway
Pakistan is developing a layered digital-assets strategy: licensing exchanges, building a national stablecoin and exploring blockchain-based debt distribution. The direction is broad, and the scale is large.
What Happens Next for Pakistan, Binance and HTX?
The MoU now moves into a six-month assessment phase. Binance must work with PVARA, the finance ministry and other state bodies to determine legal feasibility, security requirements and distribution models. Full implementation will depend on future agreements and separate regulatory approvals.
Meanwhile, Binance and HTX must complete AML registration, submit licensing packages and undergo review before they can operate locally. The exchanges have signaled that they intend to work closely with PVARA through each stage of the process.