Easy Crypto, a cryptocurrency exchange based in New Zealand, has partnered with Labrys, an Australian blockchain development firm, to introduce a stablecoin called NZDD.
Easy Crypto, a cryptocurrency exchange based in New Zealand, has partnered with Labrys, an Australian blockchain development firm, to introduce a stablecoin called NZDD. The NZDD stablecoin was launched on November 22 and is initially available on the Ethereum blockchain. However, there are plans to expand its availability to other platforms such as Polygon, BNB Smart Chain, Arbitrum, Optimism and Base.
To ensure transparency and compliance with financial regulations, the NZDD stablecoin is backed 1:1 with cash held in trust and regulated by the New Zealand Financial Markets Authority. The collaboration between Easy Crypto and Labrys aims to address the difficulties faced by New Zealanders when using U.S. dollar-pegged tokens, offering them the opportunity to optimize their profits within a local currency framework.
Janine Grainger, co-founder and CEO of Easy Crypto, said:
“Everything is going digital – including currency – but what makes many people hesitate is the stability of these assets. We wanted to change this by offering a trusted NZ dollar backed ‘stablecoin’ – NZDD – that bridges the gap between traditional finance and the digital age.”
New Zealand has adopted an agile approach to cryptocurrency regulations, as highlighted in a parliamentary report from August. The report emphasizes the importance of consistent and coherent guidance on the treatment of digital assets within the existing legal framework, addressing emerging issues as they arise.
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