New Zealand Launches a Dollar-pegged Stablecoin

A new stablecoin backed by the New Zealand dollar has been launched through a partnership between crypto exchange Easy Crypto and blockchain development firm Labrys, according to a joint announcement made on November 22.

The NZDD will be backed 1:1 with cash held in trust and regulated by the New Zealand Financial Markets Authority, initially launching on the Ethereum network and with plans for expansion to other networks including Polygon, BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base.

The motivation behind the launch of the stablecoin was to make it easier for New Zealanders to maximize their profits, as the use of US dollar-pegged tokens can be more complicated.

Easy Crypto co-founder and CEO Janine Grainger believes that the NZDD will bridge the gap between traditional finance and digital currency and will help propel New Zealand forward as a nation, providing a digital and programmable currency with similar capabilities to the New Zealand dollar.