The New Zealand dollar-pegged stablecoin was launched on a local exchange

EasyCrypto has teamed up with an Australian blockchain development company named New Zealand Dollar Stablecoin (NZDD).

New Zealand dollar-pegged stablecoin launched in partnership with EasyCrypto, a New Zealand cryptocurrency exchange, and Labris, an Australian blockchain development company.

In a statement on November 22, Labrys and Easy Crypto said NZDD will be backed by 1-to-1 trust money and regulated by the New Zealand Financial Markets Authority.

It is currently available on Ethereum, but plans to expand to Polygon, BNB Smart Chain, Arbitrum, Optimism and Coinbase Base.

Easy Crypto was motivated to introduce the stablecoin by arguing that it was more difficult for New Zealanders to maximize their profits when using tokens pegged to the US dollar.

Janine Grainger, co-founder and CEO of Easy Crypto, said the NZDD bridges the gap with traditional finance and will advance New Zealand as a nation, giving us a digital, programmable currency that can do everything the NZD can do. ”.

Along with stablecoin, Easy Crypto introduced a multi-currency self-managed wallet secured by multi-party computing cryptography, incorporating a user’s “social circle of trust” instead of a seed phrase.

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Watch out for an upcoming episode with EasyCrypto where we talk about the new wallet and the new #stablecoin!
#NZDD #investment #Change #assets #True Diversification pic.twitter.com/Wt9EPq1Gri

— Darcy Ungaro (@UngaroDarcy) November 21, 2023

An August report commissioned by the New Zealand Parliament said the country Cryptocurrency has adopted an “agile” approach to regulation. It recommends that “problems should be addressed as they arise and that the government develop coherent and consistent guidance on dealing with digital assets under the existing law.”

Previous efforts include introducing a stablecoin pegged to the New Zealand dollar Launched in 2021 NZDs by an Australian financial services provider; Techmini.

However, in 2022, after the DFX Finance protocol hack in November 2022, the bridge used by Stablecoin was blacklisted, leaving most of the funds trapped on the Polygon blockchain.

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