Visa, a global leader in digital payments, convened senior leaders from Pakistan’s banking, fintech and digital assets sectors to discuss how Pakistan can unlock the full potential of stable coins and digital assets in the country. Participants, including banks, fintechs and industry stakeholders, reached broad alignment on the importance of sustained collaboration, clear policy frameworks, and well‑governed pilot programs to unlock the benefits of digital payments while safeguarding financial stability. The round table was designed to explore how Pakistan can adopt emerging technologies to support financial inclusion, improve transparency, and enhance the efficiency of everyday payments. The discussion took place amid growing interest in digital assets and ongoing policy deliberations, which have included exploratory ideas related to governance frameworks and potential future regulatory approaches. Understanding the role of stable coins Stable coins are digital tokens designed to maintain stable value, typically by being pegged to a fiat currency such as the US dollar. They offer significant potential to modernize settlement infrastructure, enhance cross-border movement and enable programmable digital money. Visa has already processed more than US$3.5 billion in annualized stable coin settlement volume globally to enable near‑real‑time settlement between participating financial institutions . Against this backdrop participants discussed how stable coins could play a meaningful role in strengthening Pakistan’s financial system. The conversation highlighted how a regulated, USD-linked stable coin could help reduce friction in Pakistan’s multi billion-dollar remittance flows, enable faster and more predictable B2B settlement cycles, and support merchants through more transparent, auditable payment rails integrated into the formal economy. Focus on regulation and risk management Recurring themes throughout the round table included the need for a regulated and transparent ecosystem that prioritizes consumer protection, financial integrity, as well as interest in launching pilot programs. As digital‑asset frameworks evolve globally, Visa aims to support an ecosystem where innovation and trust advance together. In 2023, Visa became one of the first major payments networks to settle transactions in stable coin and has since expanded support for additional blockchains and stable coins within its stable coin settlement pilot, giving partners greater flexibility in how they meet Visa Net settlement obligations. These advancements underscore how stable coin‑based settlement can be scaled responsibly within existing, regulated payment infrastructure. Umar Khan, Country Manager, Pakistan & Afghanistan at Visa said, “Around the world, we see benefits that stable coin offers in its ability to move value with speed, transparency and programmability when built within the right regulatory guardrails. For Pakistan, the opportunity lies in modernizing how money moves, particularly for remittances & cross-border commerce. Visa’s role is to bring proven global infrastructure, work closely with banks and regulators, and help ensure any adoption strengthens trust and financial integrity.”
