Saudi Arabia is moving closer to launching stablecoins under national regulation, with global crypto exchanges expressing support for the Kingdom’s digital asset plans.
Minister of Municipal, Rural Affairs and Housing Majed al-Hogail said the government aims to introduce stablecoins soon with the Capital Market Authority and the Central Bank.
“If digital currencies are developed within Saudi values and regulations, it will create a faster financial system,”
he said.
According to Alarabiya, stablecoins are digital currencies pegged to a reserve asset such as the US dollar or gold, offering the speed of crypto with the stability of traditional money.
Unlike Bitcoin or Ethereum, their value remains stable, making them suitable for faster payments, remittances, and cross-border transactions.
Saudi Arabia, where over 79% of retail transactions are cashless, is well-positioned to leverage stablecoins to strengthen its role as a logistics and financial hub.
“The Kingdom’s exploration of regulated, utility-based stablecoins marks a turning point for the region’s digital-asset landscape,”
said Vivien Lin, Chief Product Officer at BingX.
Michelle Daura, Head of Regulated Regions at Bybit, called the move a strong signal of progress.
“Stablecoins can advance the financial ecosystem when embedded in rigorous regulatory frameworks and aligned with national values,”
she said.
Both Lin and Daura highlighted that stablecoins could enable near-instant settlement, lower cross-border costs, and improve traceability.
Key sectors likely to benefit include fintech, real estate, and retail, supporting payments, trade, fractional ownership, e-commerce, and loyalty programs.
“In all cases,”
Daura said,
“regulated digital assets act as enablers for innovation, aligning perfectly with Saudi Arabia’s economic diversification goals.”
Featured image credit: Edited by Fintech News Middle East, based on image by CreativeDesign99 via Freepik
