Stablecoins for the People: How ZAR Aims to Bridge Pakistan’s Unbanked Economy

When a country’s financial system leaves millions outside its reach, innovation doesn’t come from banks, it comes from necessity.
That’s the story behind ZAR, a fintech startup that has just raised $12.9 million in a round led by Andreessen Horowitz (a16z) to bring stablecoins to Pakistan’s unbanked population.

While most headlines celebrate the funding figure, the deeper story is how ZAR could rewrite Pakistan’s relationship with money, and possibly reshape financial access across the developing world.

The $12.9 million raise, led by a16z, is one of the most significant foreign investments in Pakistan’s crypto-fintech space to date.
It includes participation from Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst, names that rarely enter emerging markets unless they see transformative potential.

This new funding brings ZAR’s total capital raised to around $20 million, a rare milestone for a Pakistan-based startup working at the intersection of blockchain, payments, and financial inclusion.

For context, these are the same investors backing global leaders in crypto infrastructure, their involvement signals that Pakistan is finally being recognized as a frontier for Web3 and stablecoin adoption.

At its core, ZAR’s vision is simple yet revolutionary:
enable anyone, even without a bank account, to store, send, and spend money using USD-backed stablecoins.

Users can convert cash into digital dollars through local agents or kiosks, store them in a mobile wallet, and even use a Visa-linked card to transact globally.

This hybrid approach merges the best of both worlds, the stability of fiat with the accessibility of crypto, without forcing users to understand blockchain jargon or navigate exchanges.

In a country where over 100 million adults remain unbanked, this model could be Pakistan’s first step toward a more inclusive digital economy.

“ZAR isn’t just a wallet, it’s a bridge between cash economies and the global financial system.”

Several factors make this the perfect time for ZAR’s model to thrive in Pakistan.

• Inflation and PKR volatility have eroded public trust in traditional savings.
• Smartphone penetration now exceeds 80%, creating a strong base for mobile finance.
• The rise of fintech leaders like Easypaisa and JazzCash, followed by Sadapay and Nayapay, has already familiarized the public with digital payments.
• The formation of the Pakistan Virtual Assets Regulatory Authority (PVARA) hints at a coming regulatory framework for digital assets.

With remittances exceeding $30 billion annually, Pakistan stands to benefit enormously from blockchain rails that cut costs and settlement times, especially if stablecoins can move across borders as easily as messages on WhatsApp.

Yet, the road ahead isn’t smooth.

ZAR must navigate regulatory uncertainty, as stablecoins remain unclassified under Pakistan’s central bank policies.
The State Bank of Pakistan’s cautious stance toward cryptocurrencies may slow formal adoption.

There’s also the trust factor, convincing users to hold digital dollars instead of physical cash will take time.
ZAR will need strong liquidity partnerships to ensure users can easily convert between cash and crypto, and clear consumer protections to build confidence.

“The real challenge isn’t technology, it’s trust.”

ZAR’s entry has implications far beyond payments.

Once stablecoin liquidity is established, it opens the door to tokenized real-world assets (RWAs), from real estate to commodities, and on-chain financial services like lending, remittances, and yield-bearing deposits.

In fact, stablecoins could become the foundation for Pakistan’s upcoming tokenization ecosystem, enabling projects like fractional real estate ownership or on-chain sukuk issuance to operate with stable settlement layers.

For Pakistan’s blockchain community, this could be the missing link between speculation and real-world crypto utility.

This moment marks a turning point.
For years, Pakistan has ranked among the top 10 countries in global crypto adoption, but most of that activity has been peer-to-peer trading, not real use cases.

ZAR could shift that narrative.

By providing regulated, on-ramp access to stablecoins, it introduces a pathway for mainstream crypto use, from remittances to retail payments, without depending on volatile assets or shady exchanges.

And as investors like a16z and Coinbase Ventures step into Pakistan, it could signal the start of a new wave of Web3 funding into the region, particularly for crypto infrastructure and tokenization startups.

If ZAR succeeds, millions of Pakistanis could bypass traditional banking barriers and connect directly to the global financial system.
No long forms. No minimum balances. Just a phone, a QR code, and access to stable money.

In a country where cash has ruled for decades, stablecoins could quietly become the first real digital alternative.

And this time, the revolution won’t come from banks, it’ll come from the people.