Ex-Binance CEO CZ Declares CBDCs “Outdated” as Stablecoins Dominate Global Agenda

Changpeng “CZ” Zhao, founder and former CEO of Binance, has dismissed Central Bank Digital Currencies (CBDCs) as relics of the past, arguing that the global shift in digital finance has firmly tilted toward stablecoins. Speaking at the WebX conference in Tokyo on August 25, Zhao underscored that regulators and governments are increasingly drafting frameworks that favor stablecoins, while CBDCs remain mired in slow-moving pilots and limited adoption.

Zhao pointed to the introduction of Hong Kong’s Stablecoin Ordinance and the United States’ recently unveiled GENIUS Act as key examples of how jurisdictions are positioning themselves to embrace private-sector digital currencies backed by collateral. “Central Bank Digital Currencies are already outdated. In contrast, stablecoins are gaining more attention,” he told the audience, making the case that CBDCs have failed to capture real-world usage.

According to Zhao, the advantage of stablecoins lies in their immediate acceptance across markets, backed not only by collateral but also by the infrastructure of exchanges, issuers, and payment networks. CBDCs, by contrast, have struggled to demonstrate practical use cases or consumer appeal. Even China, which has historically taken a cautious stance toward private digital assets, is reportedly considering a yuan-pegged stablecoin to counter the global dominance of U.S. dollar-backed tokens like USDT and USDC.

Although CBDC projects date back as far as 2013, their track record remains unimpressive. A handful of nations, including the Bahamas with its Sand Dollar, Nigeria with the eNaira, and Ghana with the e-Cedi, have rolled out limited versions, but adoption has remained weak. The European Central Bank is still intent on introducing a digital euro by October 2025, though analysts question whether it will achieve broad uptake in an already competitive digital payments environment.

Zhao stressed that at least ten countries have quietly shelved their CBDC programs in recent years due to high development costs, technological challenges, and lack of consumer demand. Japan, Denmark, Finland, Singapore, South Korea, and the United States have either paused or dissolved pilot projects, opting instead to concentrate on stablecoin regulation or the development of tokenized bank deposits. The Bank of England is now signaling it may follow suit by shelving its “digital pound” initiative, redirecting attention toward innovations better aligned with existing financial systems.

Market projections reinforce Zhao’s skepticism. Standard Chartered forecast earlier this year that the global stablecoin market could balloon from roughly $260 billion today to $2 trillion in the coming decade. That scale of growth would dwarf the current footprint of CBDCs and cement stablecoins as the dominant model in the future of digital currency.

For Zhao, the trajectory is clear: while CBDCs have become symbols of stalled innovation, stablecoins are emerging as the practical bridge between traditional finance and the decentralized economy. His remarks serve as a reminder that in digital money, speed of adoption and market confidence may matter more than central bank sponsorship.