Local cryptocurrency exchange Easy Crypto has launched a stablecoin tied to NZD in collaboration with an Australian blockchain company, Labrys.
Easy Crypto and Labrys revealed that the New Zealand Financial Markets Authority will regulate the NZDD, currently available on the Ethereum blockchain. Nonetheless, it eyes more platforms, including Coinbase’s Base, Arbitrum, Optimism, and Polygon.
Easy Crypto confirmed that it developed NZDD to help New Zealanders maximize their profits when interacting with US dollar-fixed tokens.
The NZDD stablecoin will transform traditional finance by introducing a digital version of the New Zealand dollar.
Easy Crypto’s self-custody wallet
Furthermore, Easy Crypto launched a self-custody wallet that uses multiparty computation cryptography for safety. Meanwhile, the innovative wallet replaces the seed phrase approach as it involves the user’s social circle in managing keys, improving security.
Meanwhile, the NZDD launch matches August’s parliamentary report, highlighting the country’s active approach to regulating the digital assets market. It urged the authority to ensure detailed and coherent guidance on crypto stance under current laws.
While the New Zealand dollar stablecoin represents a significant move, there were previous trials. Techemynt introduced $NZDs in 2021 but failed due to various challenges.
Also, user funds remained stuck on Polygon after the DFX Finance hack saw stablecoin’s bridge blacklisted in 2022. Such events emphasize the need for massive security protocols in the crypto industry.
Meanwhile, NZDD represents a pivotal step for the digital assets sector in New Zealand. Moreover, prioritizing regulatory compliance, user-friendliness, and tech innovation marks new standards for stablecoins within the Kiwi marketplace.
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