How Will the Bond-Backed Stablecoin Work?

The Governor of Bank Indonesia, Perry Warjiyo, spoke at the Indonesia Digital Finance and Economy Festival & Fintech Summit 2025 in Jakarta, saying:

Bank Indonesia will act as a digital central bank and plans to issue its existing securities as well as tokenized government bonds. These securities are expected to be backed by the state-supported digital rupiah. This product is anticipated to emerge as Indonesia’s national version of a stablecoin.

In other words, this upcoming stablecoin will differ from others as it won’t be directly tradable in the open crypto market. Instead, it will be secured by government bonds and used as a digital instrument managed by the central bank.

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Why Is Indonesia Doing This?

1. Trust and Transparency:
   Normally, stablecoins are backed by assets such as gold, Bitcoin, Ethereum, or real US dollars. However, this time, having tangible government-backed assets behind the coin significantly increases user confidence. A bond-backed stablecoin would also experience much lower volatility.
2. Expansion of Monetary Tools:
   When a central bank operates only with traditional currencies, it limits itself. Therefore, digital assets can serve as a tool in monetary policy, giving the bank greater flexibility. Through these digital currencies, features like traceable money supply, dynamic interventions, and automatic stabilization mechanisms can be achieved.
3. Financial Growth:
   Geographically, Indonesia faces accessibility challenges. With the introduction of digital assets, financial services can become more accessible to rural and underserved areas, promoting greater financial inclusion.
4. Integration with Blockchain:
   Through this stablecoin, the country will not only integrate with the crypto ecosystem but also enable banks to take a step closer to blockchain technology.

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The Bank of Korea has officially paused the second phase of its central bank digital currency (CBDC) tests. Initiated in April, these tests were meant to evaluate the use of a digital won in real-world payments. However, recent government support for stablecoins appears to have shifted the momentum.

High Costs and No Clear Plan Push Banks Away

Sources from the seven participating banks say the CBDC project was already “on the verge of collapse.” The main reason? High costs and lack of a clear commercialization roadmap. Though over 100,000 users joined the initial trial, banks argue there’s little incentive to continue without policy clarity.

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Meanwhile, the government, under newly elected President Lee Jae-myung, is actively promoting stablecoins. A new bill tabled this month allows companies to issue Korean won-pegged stablecoins with a minimum capital of 500 million won (about $370,000). That legislation is quickly reshaping the country’s crypto landscape.

Won-Pegged Stablecoin Initiative Gains Traction

Eight major South Korean banks are now forming an alliance to launch a won-backed stablecoin by 2025. This group includes several CBDC trial participants: KB Kookmin, Shinhan, Woori, and NongHyup.

The move signals a significant shift in strategy. Banks appear more interested in building independent crypto products that offer tangible revenue streams rather than supporting costly central bank projects.

Following the announcement, local fintech stocks reacted swiftly. KakaoPay fell 7%, Hecto Financial dropped 5%, while KB Financial Group and Shinhan saw slight gains of 0.8% and 1.6%, respectively.

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What is Bitcoin Pizza Day? 

On May 22, 2010, Laszlo Hanyecz purchased two pizzas for 10,000 BTC. At the time, these BTC were worth just $40. However, today, that amount exceeds $1 billion. In 2025, BTC prices reached as high as $111,800, highlighting its remarkable value increase. 

Key Milestones in Bitcoin’s History 

1. BTC Inception (2009) 
   The first BTC block was mined, marking the start of the decentralized digital currency era. 
2. BTC Reaches $1 (2011) 
   BTC hit a value of $1 for the first time, beginning to attract attention. 
3. Mt. Gox Hack (2014) 
   The world’s largest Bitcoin exchange, Mt. Gox, was hacked, losing approximately $450 million worth of BTC and subsequently declaring bankruptcy. This event was a major wake-up call for crypto security. 
4. BTC Surge to $20,000 and Beyond (2017) 
   BTC soared to $20,000 by the end of 2017. However, it later plummeted to $3,200 within the year, serving as a significant warning for investors. 
5. Rise of Institutional Investments (2020-2021) 
   Major companies like Tesla and MicroStrategy began purchasing BTC, signaling its acceptance in the corporate world. 
6. Taproot Upgrade (2024) 
   The Bitcoin network implemented the Taproot upgrade, enhancing privacy and transaction speed. This development showcased Bitcoin’s technological advancement. 

Bitcoin Pizza Day represents the first real-world use of BTC. Additionally, events like the Mt. Gox hack and the 2017 price crash are critical milestones in BTC journey. These developments demonstrate that BTC continues to grow in the financial world. In 2015, the Bitcoin network was introduced to the Lightning Network concept, aiming to enable microtransactions and improve scalability. In 2021, El Salvador became the first country to adopt BTC as legal tender, marking a historic state-level adoption. In 2022, the use of cryptocurrencies expanded with NFT and DeFi projects. In 2023, several countries began testing central bank digital currencies (CBDCs). All these developments prove that BTC is not just an investment vehicle but a global digital financial system.

15 years ago, Laszlo Hanyecz, a Floridian programmer, bought 2 Papa John's pizzas for 10,000 $BTC. Today, those pizzas would be valued at over $1.07B today.

Happy #Bitcoin Pizza Day, everyone! pic.twitter.com/H7oeBTEIJM

— CoinGecko (@coingecko) May 22, 2025

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CZ and His Role in Kyrgyzstan 

CZ joined the National Crypto Committee as an advisor at the invitation of Kyrgyzstan’s President Sadyr Japarov. The committee is working to develop the country’s crypto ecosystem. In a post shared on the X platform on May 5, 2025, Changpeng Zhao stated that BNB and BTC would be ideal starting points for the reserve. Additionally, an agreement signed between Binance and the Kyrgyzstan National Investment Agency supports crypto payments and blockchain education. 

Not my car, but the plate. Kyrgyzstan

Among other things, also gave my advice to make #BNB and #BTC as the two starting crypto for the National Crypto Reserve. https://t.co/ZhbGs2pWQu pic.twitter.com/ZewpPqZdQc

— CZ BNB (@cz_binance) May 5, 2025

Kyrgyzstan’s Crypto Initiatives 

Kyrgyzstan is taking pioneering steps in digital transformation. In April 2025, a pilot project for the “Digital Som,” a central bank digital currency (CBDC), was launched. With Binance’s support, infrastructure for crypto payments is being established in the country. Binance Academy offers free blockchain education programs for government employees and citizens. These initiatives aim to position Kyrgyzstan as a crypto hub in Central Asia. 

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Global Crypto Reserve Trend 

Changpeng Zhao’s proposal aligns with the global trend of creating crypto reserves. Inspired by the U.S.’s 200,000 BTC reserve, countries are adding digital assets to their portfolios. Kyrgyzstan’s move with BNB and BTC is seen as a strategic step toward economic diversification and financial innovation. 

CZ’s leadership and Binance’s expertise are shaping Kyrgyzstan’s crypto future. The country plans to enhance financial inclusion through blockchain technology and integrate into the global Web3 economy. 

In conclusion, CZ’s suggestion to include BTC and BNB in national crypto reserves could reshape the financial system. As crypto adoption grows, governments may take this vision seriously. National crypto reserves are no longer theoretical but a real possibility. 

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The agreement was signed during the inaugural session of the Council for the Development of Digital Assets, attended by President Sadyr Japarov. As part of the deal, Binance Pay will be rolled out in Kyrgyzstan, enabling both locals and tourists to make crypto-based transactions.

Blockchain Education On The Agenda

The partnership also focuses heavily on education. Binance Academy will collaborate with Kyrgyz government institutions and financial entities to design blockchain-related learning initiatives. Kyrylo Khomiakov, Regional Head for Central and Eastern Europe at Binance, stated: “We are thrilled to support the growth of crypto assets in Kyrgyzstan.”

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This move is part of Binance‘s broader strategy to partner with governments globally. As CEO Richard Teng recently revealed, the company is consulting with several governments on building Bitcoin, Ethereum, and other digital asset reserves and regulatory frameworks.

Kyrgyzstan Eyes Digital Som And Crypto Mining

Beyond private partnerships, Kyrgyzstan is taking policy steps towards digitalization. On April 18, President Japarov signed legislation authorizing a CBDC pilot program and giving the “digital som” legal tender status.

Kyrgyzstan also stands out for its crypto mining capabilities. Thanks to abundant hydroelectric resources, the country offers low-cost energy, making it a prime location for crypto miners. Over 30% of Kyrgyzstan’s energy comes from hydropower, though only 10% of its potential is utilized.

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BIS Report ‘Dangerous’ and Misinformed

Referring to the April 15 BIS paper on crypto and DeFi, Perkins claimed the report reflects fear, arrogance, or ignorance — and poses a threat to global financial stability.

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“Crypto is not communism. It’s the new internet. You cannot control it any more than you can control the web.”

Real-Time Crypto vs 9-to-5 Banking

Perkins warns that BIS’ “containment” approach could backfire, leading to systemic liquidity risks as crypto operates 24/7 while traditional markets shut down after hours.

“These recommendations will create the very risk they seek to prevent.”

Anonymity Isn’t Unique to Crypto

Responding to BIS’ concerns about anonymous DeFi developers, Perkins points out the double standard:

“When was the last time a TradFi firm published its developer list?”

He also rebuts BIS’ alarm over stablecoins and their role in developing economies:

“If USD stablecoins help people in Venezuela or Zimbabwe, isn’t that a net positive?”

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What’s in the Law?

The National Bank of the Kyrgyz Republic now has the exclusive right to issue the digital som, regulate its circulation, and manage its digital platform.

A final decision on whether to fully launch the CBDC will come by end of 2026, but pilot testing is expected to begin later this year.

Security First

If implemented, the CBDC system must include cryptographic protection to prevent fraud and misuse.

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The Jogorku Kenesh (Kyrgyzstan’s Parliament) approved the constitutional amendment on March 18. President Japarov signed it into law on April 17.

Global Context and Controversy

While CBDCs are being explored by 115 countries, only four have launched so far:

• Bahamas (Sand Dollar)
• Nigeria (e-Naira)
• Zimbabwe (ZiG)
• Jamaica (JAM-DEX)

The crypto community remains divided, citing concerns over financial surveillance and government overreach.

A Natural Fit for Mining

Over 30% of Kyrgyzstan’s energy comes from hydropower, though only 10% of its potential is being utilized — making it ideal for sustainable crypto mining operations.

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CBDC Anti-Surveillance Law Reintroduced

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. At the March 11 hearing, Emmer renewed his call for Congress to pass the legislation. The bill aims to prevent future administrations from launching a US CBDC without explicit Congressional approval.

Emmer stated that CBDC technology is inherently “un-American”, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

On January 23, Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in America. Emmer said that his reintroduced legislation could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.

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Paxos CEO Calls for Stablecoin Regulations

At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a major stablecoin issuer, recommended clear guidelines and reciprocal rules with global regulators:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

Emmer, a Minnesota Republican, also criticized CBDCs for their inherent privacy risks, stating that stablecoins could bring traditional finance on-chain at a global scale while preserving privacy:

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”

Crypto Companies’ Political Influence Grows

Amid rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the increasing political influence of crypto companies in America and potential risks to regulatory stability.

According to the March 7 report, cryptocurrency firms spent a cumulative $134 million on the 2024 US elections in “unchecked political spending,” raising concerns about transparency and regulatory capture.

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Although an official trading date has not been announced yet, fund manager Hashdex mentioned that more information will be provided soon. Hashdex offers a variety of crypto ETFs in Brazil, including Bitcoin, Ethereum, Solana, and funds focused on DeFi, Web3, and the Metaverse.

This development in Brazil parallels the recent approval of XRP ETF filings by the SEC in the United States, with filings from Nasdaq and Cboe BZX exchanges. XRP prices responded by rising 7.8%, reaching $2.72. The coin is currently only 20% away from its all-time high.

Brazilian Bank to Launch Stablecoin on XRPL

Meanwhile, Braza Group, a key player in Brazil’s interbank market, is working on launching a Brazilian real-pegged stablecoin on Ripple‘s blockchain, the XRP Ledger. Marcelo Sacomori, CEO of Braza Group, stated in a February 19 announcement:

“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards.”

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The stablecoin, named BBRL, will be backed by Braza Bank, a company specializing in foreign exchange services and international payments. While Braza Bank isn’t among the top 10 banks in Brazil by assets and deposits, it claims to be the largest exchange bank in the country.

Launch and Future of the Stablecoin

The BBRL stablecoin is set to launch in the first quarter of 2025 and will initially be available to institutional clients. Sacomori stated:

“By the end of next year, we expect BBRL to capture about 30% of the market in Brazil.”

DREX, a Brazilian central bank blockchain initiative, is also in progress, with Braza Group participating. DREX is working on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC).

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It is seen that Trump has already fulfilled 6 of his 8 promises to the crypto world. These promises include important topics such as Bitcoin reserves, CBDC ban, regulations and SEC changes.

Trump’s Promises Fulfilled So Far

• Digital Asset Reserve
• Trump signed a presidential decree for the US to create a national stockpile of digital assets. A working group led by David Sacks has been established. However, the “reserve or stockpile?” debate continues.
• CBDC (Central Bank Digital Currency) Ban
• The same decree banned the US Federal Reserve from issuing a central bank digital currency (CBDC). Trump has characterized CBDCs as tools that restrict freedoms.
• Repeal of SAB 121
• Trump rescinded the SEC’s SAB 121 accounting rules that made it harder for banks to store digital assets. This step made it easier for banks to offer crypto custody.
• Amnesty for Ross Ulbricht
• Trump lifted the sentence of Silk Road founder Ross Ulbricht. Trump personally called Ulbricht’s mother with the good news.
• Changes at the SEC
• Before the election, it was announced that SEC chairman Gary Gensler would be dismissed. However, there was no need for this; Gensler resigned on January 20th. Crypto-friendly Paul Atkins is expected to head the SEC. Furthermore, a Republican-led “Crypto Task Force” has been created.
• Net Crypto Regulations
• The Digital Assets Working Group, led by David Sacks, has started working on making regulations transparent and clear. This is especially important for stablecoins.

Two Big Promises Trump Has Yet to Fulfill

• Finishing Operation “Chokepoint”
• The pressure on technology companies since the Obama era had increased even more under the Biden administration. Trump promised to end these pressures. Although some of these pressures have been reduced by recent decrees, they have not been completely ended.
• Personal Retention Right
• Trump has promised to introduce a regulation that individuals’ digital assets in their personal wallets will not have to be disclosed. However, no concrete steps have been taken yet.

Trump’s Impact on the Crypto World

During his election campaign, Trump enlisted the support of the crypto world, promising to both reduce regulatory pressure on the industry and encourage innovative solutions. These steps, which he quickly took after taking office, were welcomed positively in the crypto community. However, whether promises such as the right to personal custody will be fulfilled will be one of the determining factors of Trump’s long-term impact on the industry.

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