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It has been claimed that US President Donald Trump and officials from the Board of Peace are considering the option of creating a dollar-pegged stablecoin for the region as part of plans to restructure the Gaza economy.
According to five sources familiar with the matter, a cryptocurrency-based solution is being considered to expand digital payments in Gaza, where the economic infrastructure has largely collapsed following the Israel-Hamas war.
The stablecoin plan is reportedly still in its early stages, with many details regarding its implementation unclear. However, discussions suggest that a cryptocurrency pegged to a mainstream currency like the US dollar could revitalize economic activity in Gaza, where the traditional banking and payment system has been severely damaged. A source close to the project stated that the planned structure is not a “Gaza Coin” or a new Palestinian currency, but rather a tool designed to enable the people of Gaza to conduct transactions digitally.
The initiative is reportedly being conducted under the umbrella of the “Peace Board,” established by the US for the reconstruction of Gaza, and is led by Israeli technology entrepreneur Liran Tancman. Tancman is said to serve as a volunteer advisor on the board. The 14-member National Committee for the Governing of Gaza (NCAG), the new Palestinian technocratic administration of Gaza, and the High Representative’s Office, led by former UN representative Nickolay Mladenov, are also said to be involved in the project. Both structures operate within the “Peace Board.”
According to sources, the regulatory framework and access conditions for stablecoins will be determined by the “Peace Board” and NCAG, but a finalized model has not yet been established. Tancman stated at a board meeting in Washington last week that work was underway to build a “secure digital backbone” for Gaza; this infrastructure would encompass e-payments, financial services, distance learning, and healthcare. The White House and the US State Department did not respond to requests for comment on the matter. The Trump administration is known to have previously supported the wider use of dollar-pegged stablecoins.
The Palestinian Monetary Authority (PMA), which functions as the central bank in Gaza and the West Bank, does not have the authority to issue its own currency. The Israeli shekel is used as the official currency in the Palestinian territories. While dollar transactions exist in Gaza, their volume lags behind that of the shekel. Following the war that began in 2023, access to cash shekels was severely restricted; the physical supply of money decreased due to the destruction or closure of ATMs and Israel’s blocking of new cash inflows into the region. This situation led to cash distributors demanding high commissions and the public turning to electronic payment systems.
On the other hand, some sources warn that a stablecoin model specific to Gaza could weaken economic ties with the West Bank. While economic integration between the two regions is considered critical for the Palestinians’ future statehood, it is argued that separating payment systems could make Gaza a more “closed economy.” Those close to the project, however, maintain that there is no intention of such separation and that the aim is simply to increase digital transaction capacity.
*This is not investment advice.