Global changes are coming in the field of stablecoins – in the foreseeable future, such tokens will no longer be backed by the dollar and will be backed by other traditional currencies. Changpeng Zhao, CEO of the largest crypto exchange Binance, announced this during a recent conference on Twitter Spaces.

What exactly the problem is is unknown, but most likely the reason for the regulators’ dissatisfaction was potential problems with the provision of BUSD, which may also be related to Binance itself.

According to Zhao, it ”makes sense” to start using gold as a collateral standard for the crypto industry. However, value is overwhelmingly measured by traditional currencies, so they will not go anywhere in the backing of stablecoins.

The Binance executive claims that recent actions by US regulators against dollar stablecoins will lead the crypto industry to rely on other currencies like the euro, yen or Singapore dollar. Here is a quote from Changpeng Zhao as quoted by Cointelegraph.

”I think that given the current pressure and stance of regulators regarding US dollar-based stablecoins, it is likely that the industry will move to other types of token collateral. As a result of this, we will see more stablecoins based on the Euro, Japanese Yen, Singapore Dollar and so on.”

Earlier, the head of the cryptocurrency exchange confirmed that the company would be looking for other token issuers. At the same time, management also admits the possibility of launching a stablecoin based on other fiat currencies like the euro. In theory, this will avoid similar problems in the future along with unnecessary and unexpected regulatory pressure.