Through a collaboration with Australian blockchain development company Labrys and New Zealand cryptocurrency exchange Easy Crypto, a dollar-pegged stablecoin has gone live in New Zealand.
The NZDD will be governed by the New Zealand Financial Markets Authority and backed 1:1 with cash in trust, according to a statement released by Labrys and Easy Crypto on November 22.
Although it is currently only available on Ethereum, it will soon be available on Polygon, the BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base.
Easy Crypto launched the stablecoin because it said that using tokens pegged to the US dollar made it more difficult for New Zealanders to maximize their profits.
The NZDD, according to Easy Crypto co-founder and CEO Janine Grainger, bridges the gap with traditional finance and will “move NZ forward as a nation, providing us with an electronic money that can perform all of the functions of the New Zealand dollar.
By enlisting the user’s “trusted social circle” with portions of the key rather than a seed phrase, Easy Crypto introduced a multicurrency self-custody wallet secured by multiparty computation cryptography in addition to the stablecoin.
— Darcy Ungaro (@UngaroDarcy) November 21, 2023