back Back

Techemynt launches first New Zealand stablecoin backed by $NZD

By Leandra Monteiro

March 12, 2021

  • New Zealand
  • Techemynt
Share

Techemynt, stablecoin, NZD, New Zealand, cryptocurrency, Dollar, DeFi

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.

 

Previous Article

March 12, 2021

Top developments in Europe’s RegTech sector in 2021

Read More
Next Article

March 12, 2021

GLEIF to accelerate the integration of LEIs in digital certificates

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

New Zealand

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

April 24, 2024

Network International receives SVF licence from UAE Central Bank

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024