Saudi Arabia is moving closer to launching a State-backed stablecoin, ushering in a new fintech era. The upcoming stablecoin will come under the purview of the Central Bank and the Capital Market Authority, making it a national regulation.
The Kingdom has expressed its ambition to lead the digital assets industry in its 2030 Vision. During a recent digital assets event in Riyadh, Majed al-Hogail, Saudi Arabia’s Minister of Municipal Affairs, said that the government is looking to launch the stablecoin soon.
He stressed that Saudi Arabia’s development of a stablecoin “will create a faster financial system.” However, he did not specify the timeframe of the launch, and it’s still under work. It is yet to reach the pilot testing phase, and the official rollout could take time.
Also Read: Ripple XRP Eyes Explosive Surge to $5.50, Here’s When
Upcoming Stablecoin From Saudi Arabia Receives Industry Praise
Saudi Arabia’s State-owned stablecoin expansion has received major support from cryptocurrency exchanges. Vivien Lin, the Chief Product Officer at BingX, called the development “a turning point for the region’s digital-asset sector.”
He called the Kingdom’s move “a progressive and risk-aware” approach that balances innovation with oversight. The upcoming stablecoin from Saudi Arabia would aid in “instant settlement and greater liquidity efficiency,” he said.
Also Read: Why the World Wants De-Dollarization
Also, Michelle Daura, Bybit’s Head of Regulated Regions, praised the stablecoin vision. She explained that the Kingdom is committed to financial modernization through the initiative. It “can advance the financial ecosystem when embedded in rigorous regulatory frameworks and aligned with national values,” she said.
Around 79% of Saudi’s day-to-day transactions have gone cashless, making it the right time to launch a stablecoin. This would be a turning point for the Kingdom to mark a change in the digital assets landscape. If successful, many other countries in the Middle East and the Gulf region would consider replicating. This is also a sign of progress for the broader cryptocurrency market.