New Zealand dollar stablecoin goes live through local crypto exchange
Easy Crypto launched the aptly named New Zealand Dollar Stablecoin (NZDD) in partnership with an Australian blockchain development firm.
A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys.
In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority.
It’s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base.
Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.
Easy Crypto co-founder and CEO Janine Grainger said the NZDD bridges the gap with traditional finance and claimed it would “move NZ forward as a nation, giving us a digital, programmable currency that can do everything the NZD can do.”
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