Binance founder Changpeng Zhao, better known as CZ, said in a post on X that more countries will come to recognize the value of issuing local stablecoins. In his view, a domestically issued stablecoin can increase demand for a country’s own currency and, in turn, support demand for its government bonds. He added that the U.S. dollar already holds a major lead in this area.
CZ made the comment while reposting an update about RedCoin, a Hong Kong dollar stablecoin linked in the post to HSBC. According to the reposted information, RedCoin reached 50,000 users in its first week and recorded HK$87.75 million in circulation. The same update said the project plans to expand its use cases to tokenized investment products.
The post did not include further details beyond CZ’s remarks and the figures cited in the RedCoin update.
Binance founder Changpeng Zhao, or CZ, said on X that more countries will start to realize that issuing local stablecoins can increase demand for their own currencies and, by extension, raise demand for their government bonds.
He added that the U.S. dollar already has a significant lead.
CZ made the remarks while reposting an update about RedCoin, a Hong Kong dollar stablecoin referenced in the post as tied to HSBC. The reposted message said RedCoin reached 50,000 users in its first week, with HK$87.75 million in circulation, and plans to expand its applications to tokenized investment products.
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