In recent years, cryptocurrencies have become an important part of the global financial market. This shift not only affects how people use money but also forces governments to adjust their policies. Notably, stablecoins are becoming a top choice, while central bank digital currencies (CBDCs) are gradually stagnating.

Changpeng Zhao: CBDCs are outdated

At the WebX conference in Tokyo on August 25, Binance founder Changpeng Zhao (CZ) shared his views on this shift. He emphasized that governments are increasingly supporting stablecoins, evidenced by Hong Kong's Stablecoin Regulation and the US GENIUS Act.

CZ believes: "CBDCs are outdated. Meanwhile, stablecoins are attracting much attention from governments and the market."

In fact, CBDC projects have been tested from 2013 to 2014, but most were not widely implemented due to lack of real demand. Only a few countries continued this program.

Countries halt or suspend CBDCs

In 2025, many governments have taken "reverse" actions regarding their CBDC issuance plans:

USA: In January 2025, President Donald Trump signed an executive order banning the issuance and use of CBDCs, while ending research on the digital dollar.

South Korea: The Bank of Korea has suspended its CBDC project despite reaching the testing phase with the participation of commercial banks.

Other countries: Japan, Denmark, Finland, and Singapore have also withdrawn or suspended their CBDC plans.

In contrast, the European Central Bank (ECB) is preparing to launch the digital Euro this October, indicating that Europe remains steadfast in pursuing this path.

Global stablecoin boom

While CBDCs continuously face obstacles, stablecoins have proven to be very attractive due to being backed by real assets and their wide applicability in transactions.

USA: The GENIUS Act represents a significant turning point, helping the stablecoin market grow faster.

China: Considering allowing the issuance of fake stablecoins pegged to the Yuan.

Hong Kong: Actively building its own stablecoin ecosystem.

Japan: A stablecoin pegged to the Yen will be launched this fall.

Forecast: Stablecoins reach $2 trillion

According to a report by McKinsey, the total value of stablecoins has doubled in 18 months, reaching $250 billion and could reach $2 trillion by 2028.

Although currently accounting for less than 1% of total global transactions, stablecoins are growing at a remarkable pace. The biggest advantage of stablecoins is:

Instant, cross-border payments.

Minimizing operational risk.

Expanding global capital access.

With these advantages, stablecoins are expected to not only change the remittance industry but also directly compete with traditional payment systems and capital markets in the next decade.

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