Changpeng Zhao (창펑 자오), founder of Binance, argued that governments should move stock markets and currencies to blockchain-based systems. He said stock tokenisation and the issuance of stablecoins backed by domestic currencies will become key changes in the future financial system. He stressed that traditional finance is entering a full-scale on-chain era.

On June 18, local time, crypto media outlet Cryptopolitan reported that CZ publicly raised the need to shift stock markets and currencies to blockchain through social media after recent meetings with government officials and financial regulators in Asia.

CZ argued in particular that tokenising stocks could significantly change the global investment environment. Stock tokenisation is a method of issuing and trading listed companies' shares in the form of blockchain-based digital tokens. Investors can hold and trade shares through digital asset wallets instead of traditional securities accounts.

He stressed that governments should tokenise shares of domestic companies and open them to investors worldwide. He said this would allow investors to trade shares 24 hours a day without being constrained by country-specific exchanges and trading hours. He added that even high-priced shares could be invested in by dividing them into fractional units. CZ said, "Countries should tokenise their domestic stocks so that investors around the world can easily access them."

Stock tokenisation is also seen as having advantages in payment efficiency. Stock trades often take several days from execution to actual settlement, but blockchain-based trading can enable virtually real-time settlement. Lower transaction costs and broader access for global investors are also cited as major advantages.

Some crypto exchanges and fintech companies currently offer tokenisation services for certain stocks and ETFs, but there are still no cases of national-level securities markets being operated on a blockchain basis.

Still, the related market is growing quickly. According to real-world asset data platform RWA.xyz, the value of tokenised assets on public blockchains expanded from about $6 billion in 2025 to $32 billion by mid-2026. Global consultancy Boston Consulting Group (BCG) forecasts that the tokenised asset market could grow to $16 trillion by 2030.

CZ also proposed issuing stablecoins at the national level alongside stock tokenisation. Stablecoins are digital assets pegged to the value of fiat currencies such as the dollar, euro and yen. In the global market, dollar-based stablecoins effectively hold a dominant position.

According to DefiLlama, the global stablecoin market is worth about $315 billion, of which about 99 percent are dollar-pegged stablecoins. Tether's USDT and Circle's USD Coin, known as USDC, are 대표적.

CZ argued that if countries issue stablecoins backed by their domestic currencies, they can maintain monetary sovereignty even in the digital economy. As blockchain-based payments and digital asset trading expand, countries can also increase the share of their currencies in use, he explained.

This is interpreted as effectively presenting an alternative to the dollar-centric digital financial ecosystem. Most blockchain networks and DeFi services currently operate around dollar stablecoins, leaving non-dollar countries highly dependent on the dollar even in digital asset markets.

Still, adopting national stablecoins comes with significant challenges. Many issues need to be resolved, including monetary policy and the role of central banks, financial regulatory frameworks and ensuring user demand. In practice, many countries continue to review how to incorporate central bank digital currencies and private stablecoins into regulated finance.

CZ has recently expanded his advisory activities on crypto policy in several countries. He currently serves as a strategic adviser to the Pakistan Crypto Council, and is also known to be participating in Kyrgyzstan's crypto policy and plans for a gold-pegged stablecoin. Binance is also conducting support activities in Kazakhstan to foster the crypto market.

Demand for stablecoins is also rising among users in emerging economies. Binance co-CEO Richard Teng said 36 percent of users in emerging markets hold more than half of their assets in stablecoins. He said this trend shows stablecoins are becoming a practical means for everyday payments and financial transactions.

The industry evaluates CZ's proposal as containing a long-term vision that goes beyond the crypto market to reorganise stock markets, payment infrastructure and monetary systems on a blockchain basis. The extent to which governments will allow stock tokenisation and whether domestic-currency stablecoins will be incorporated into regulated finance are expected to be key points to watch.