Pakistan Explores Rupee Stablecoin Amid $25 Billion Crypto Opportunity

Pakistan's financial authorities are making decisive moves toward digital currency adoption, with experts warning that delayed action could cost the nation up to $25 billion in unrealized crypto growth. At the Sustainable Development Policy Institute Conference on November 8, 2025, Pakistan Banks Association President Zafar Masud revealed stablecoins processed $27.6 trillion globally in 2024—a market too large for Pakistan to ignore.

The State Bank of Pakistan is already developing a central bank digital currency (CBDC) prototype with World Bank and IMF support. Deputy Director Faisal Mazhar confirmed plans for a pilot program, targeting the $30.25 billion remittance market that fuels Pakistan's economy. This digital rupee could slash cross-border transfer costs and processing times.

Masud advocates starting with rupee-pegged stablecoins before tackling more complex digital assets. The approach mirrors successful models in emerging markets, where stablecoins serve as gateways to broader crypto adoption while mitigating volatility risks.