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The co-founder of the Binance platform is working on integrating currencies
the original stablecoins into blockchain technology.
Chuck Cheng has previously indicated his collaboration with governments to tokenize their assets.
The total market value of the stablecoin sector is $312 billion.
Zhangping Zhao, the co-founder of the Binance platform, confirmed that he aims to develop the stablecoin sector, which holds a significant share of the global cryptocurrency market. Any further progress is expected to help re-establish stablecoins as a reliable option for cryptocurrency enthusiasts.
However, Brazil indicates a significant challenge that Changpeng Zhao may face in his endeavor.
Zhao Zhao talks about the development of stablecoins.
Zhao Zhao posted to inform his community that he is working with more countries to develop their stablecoins. Zhao described these currencies as local stablecoins, and the co-founder of the Binance platform confirmed that his goal is to help countries launch them, as each currency should be represented on the blockchain.
CZ previously stated that he is in talks with about a dozen governments to tokenize their assets. He predicted that cryptocurrencies would become a local payment method if artificial intelligence flourished. One of the main advantages of asset tokenization, according to reports, is enabling governments to raise funds easily by simply selling partial ownership shares based on blockchain technology.
Stablecoins as a sector.
Stablecoins are of great interest as their market value exceeds $312 billion out of a total market cap exceeding $2.28 trillion. Their current market cap is $312,978,753,452, with a trading volume exceeding $300 billion, an increase of 69.35%.
The USDT cryptocurrency from Tether tops the stablecoin list by market capitalization, followed by USDC and USDe. USD1 continues to make headlines, reaching fifth place on the list with a market cap exceeding $5 billion. It is expected that USD1, a stablecoin from World Liberty Financial, will surpass DAI by the end of 2026.
A challenge faced by the co-founder of the Binance platform.
However, CZ faces a challenge highlighted by Brazil through Bill No. 4.308/2024. Reports indicate that the South American country is taking strict steps to ban algorithmic stablecoins like USDe and Frax. If the law is passed, all stablecoins will be required to be backed by reserve assets, and fines will be imposed on violators.
This matter gains great importance as stablecoins constitute about 90% of the trading volume of cryptocurrencies in Brazil. It also highlights an aspect often overlooked by countries or cryptocurrency enthusiasts in their pursuit of developing stablecoins.$USDC
