On 13 March 2026 in Karachi, Visa brought together senior leaders from Pakistan’s banks, fintech firms and digital asset sector to examine how stablecoins can be used responsibly to improve payments and financial inclusion. Participants discussed the need for sustained collaboration, clear policy frameworks and well‑governed pilot programs to balance innovation with financial stability.
Stablecoins are digital tokens designed to hold steady value, often pegged to a fiat currency, and they offer the potential to modernize settlement infrastructure, speed cross‑border transfers and enable programmable money. Visa highlighted that it has processed more than US$3.5 billion in annualized stablecoin settlement volume globally to enable near‑real‑time settlement between participating financial institutions, underscoring practical use cases for settlement efficiency.
Speakers explored how a regulated, USD‑linked stablecoin could reduce friction in Pakistan’s multi‑billion dollar remittance flows, accelerate predictable B2B settlement cycles and support merchants by delivering more transparent, auditable payment rails that integrate with the formal economy. Local banks and fintechs noted that such tools could lower costs and improve cash flow for importers, exporters and smaller retailers.
Throughout the discussion, delegates emphasized regulatory clarity, consumer protection and financial integrity as prerequisites for any broader rollout. There was strong interest in launching tightly scoped pilot programs that allow regulators, banks and technology providers to test operational, compliance and governance models before scaling solutions nationwide.
Visa outlined its own experience with stablecoin settlement pilots, noting the company began settling transactions in stablecoin in 2023 and has expanded support for multiple blockchains and stablecoins to give partners more flexibility in meeting VisaNet settlement obligations. These steps were presented as examples of how stablecoin‑based settlement can be introduced within regulated payment infrastructure without undermining oversight.
Umar Khan, Country Manager Pakistan & Afghanistan at Visa, said “Around the world, we see benefits that stablecoin 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 and 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.”
Participants agreed that progress will require coordinated work between regulators, banks and technology providers and that Pakistan can pilot stablecoins in targeted corridors and merchant use cases to measure impact. As policy deliberations continue, the roundtable underscored a pragmatic path forward focused on pilot testing, robust governance and consumer safeguards to realize the benefits of digital payments while protecting financial stability.
