Techemynt launches first New Zealand stablecoin backed by $NZD
By Leandra Monteiro
Techemynt, the New Zealand Registered Financial Service Provider today announced the launch of the first New Zealand dollar stablecoin, $NZDs. $NZDs is backed 1:1 by the New Zealand Dollar, combining the flexibility of cryptocurrency with the stability of fiat. $NZDs was deployed on the Ethereum blockchain by Blockchain Labs, using the FiatToken framework developed by Centre.
Stablecoins are a type of cryptocurrency backed by a reserve asset, such as fiat currency or gold. They have gained traction to pair the instant processing, security, and privacy of cryptocurrency payments with the stability of the underlying asset.
Currently the tenth most-traded currency in the world, the New Zealand Dollar is widely trusted. As a blockchain-based stablecoin, $NZDs merges the stability of the New Zealand Dollar with the intrinsic utility of cryptocurrency to allow arbitrage, remittance, and digital payments. All the while positioning the New Zealand Dollar as a major participant in the global digital asset economy.
“Between the popularity of the New Zealand Dollar and the proliferation of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and lead the creation of a NZD-based stablecoin,” said Fran Strajnar, Executive Director of Techemynt. “After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world. We’ve worked extensively with our top-tier partners to ensure $NZDs builds upon the best aspects of existing stablecoins while adhering to New Zealand’s legal requirements.”
Issued by Techemynt, $NZDs will have rigorous governance, management and transparency policies focusing on operations and compliance day-to-day. It will be made directly available to customers who want to acquire NZ $100,000 (or more) of $NZDs tokens. It will also be made available on secondary markets including the cryptocurrency exchange Dassetx.com.
Furthermore, Techemy also predicts that $NZDs will be able to be transferred to DeFi platforms to earn yield. Currently DeFi platforms have the potential to provide participants with much higher yields compared to traditional bank accounts.
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