A partnership between New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys has resulted in the launch of a New Zealand dollar-pegged stablecoin. The stablecoin, called NZDD, is backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority. Initially available on Ethereum, there are plans to expand its availability to other platforms such as Polygon, BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base. The motivation behind launching the stablecoin was to provide New Zealanders with a digital currency that can maximize their profits, bridging the gap between traditional finance and the digital world. In addition to the stablecoin, Easy Crypto has introduced a multicurrency self-custody wallet that utilizes multiparty computation cryptography. The New Zealand government has taken an agile approach to crypto regulation, addressing problems as they arise and providing consistent guidance on the treatment of digital assets under current law. Previous attempts to launch a NZ dollar-pegged stablecoin faced challenges, such as the blacklisting of the bridge used by the stablecoin after the hack of the DFX Finance protocol in November 2022.

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Information Details
Geography Australia
Countries 🇳🇿 🇦🇺 🇺🇸
Sentiment positive
Relevance Score 1
People Janine Grainger
Companies Labrys, Polygon, Easy Crypto, Coinbase, New Zealand Financial Markets Authority
Currencies Polygon, Ethereum, BNB, US Dollar, New Zealand Dollar
Securities None

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