Saudi Arabia is accelerating efforts to introduce regulated stablecoins, marking a significant milestone in the country’s digital financial transformation. According to Majed al-Hogail, Minister of Municipal, Rural Affairs and Housing, the initiative is being developed in collaboration with the Capital Market Authority and the Central Bank of Saudi Arabia (SAMA).
“If digital currencies are developed within Saudi values and regulations, it will create a faster financial system,” said al-Hogail.
As reported by Alarabiya, stablecoins are digital currencies pegged to reserve assets like the U.S. dollar or gold. Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins maintain a consistent value—making them ideal for faster payments, remittances, and cross-border transactions.
With over 79% of retail transactions already cashless, Saudi Arabia is well-positioned to harness the potential of stablecoins to strengthen its role as a financial and logistics hub in the region.
Vivien Lin, Chief Product Officer at BingX, emphasized the strategic importance of this move, saying:
“The Kingdom’s exploration of regulated, utility-based stablecoins marks a turning point for the region’s digital asset landscape.”
Michelle Daura, Head of Regulated Regions at Bybit, echoed this sentiment, noting that:
“Stablecoins can advance the financial ecosystem when embedded in rigorous regulatory frameworks and aligned with national values.”
Both experts highlighted the potential for instant settlement, reduced cross-border transaction costs, and enhanced traceability—key features that could revolutionize various industries.
Sectors expected to benefit include fintech, real estate, and retail, where stablecoins could drive innovation in payments, trade, fractional ownership, e-commerce, and loyalty programs.
Daura added,
“In all cases, regulated digital assets act as enablers for innovation, aligning perfectly with Saudi Arabia’s economic diversification goals.”
Saudi Arabia’s progress toward regulated stablecoins reflects its broader ambition to become a global leader in digital finance and blockchain innovation, supporting the nation’s Vision 2030 roadmap for a more connected, cashless economy.
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