New Zealand Launches NZDD Stablecoin in Collaboration with Easy Crypto and Labrys

A new stablecoin pegged to the New Zealand dollar, NZDD, has been launched through a strategic partnership between New Zealand-based crypto exchange Easy Crypto and Australian blockchain development firm Labrys.

The NZDD stablecoin is set to be fully backed at a 1:1 ratio with cash held in trust and will operate under the regulatory oversight of the New Zealand Financial Markets Authority. This move reflects a commitment to transparency and compliance within the rapidly evolving cryptocurrency market.

Currently deployed on the Ethereum blockchain, NZDD has ambitious expansion plans to integrate with various blockchain ecosystems, including Polygon, BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base. This multi-chain approach aims to enhance accessibility and cater to a broader user base.

Easy Crypto, motivated by a vision to empower New Zealanders in the crypto space, identified a need for a domestic stablecoin. According to Janine Grainger, co-founder and CEO of Easy Crypto, the NZDD addresses a significant challenge faced by New Zealanders using U.S. dollar-pegged tokens. She stated, “It was harder for New Zealanders to maximize their profits, and the NZDD aims to bridge that gap by providing a stablecoin directly pegged to the local currency.”

Grainger further emphasized the transformative potential of NZDD, asserting that it would propel New Zealand into the digital era by offering a “digital, programmable currency that can do everything the NZD can do.” This move aligns with the broader global trend toward integrating traditional finance with blockchain technology, opening up new possibilities for financial innovation and inclusion.

As NZDD makes its debut, eyes are on the collaborative efforts of Easy Crypto and Labrys to reshape the financial landscape in New Zealand and pave the way for a more seamless integration of digital assets into mainstream economic activities.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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