New Zealand Fintech company Techemynt is now offering a New Zealand Dollar stable coin called NZDs, backed 1:1 by the New Zealand Dollar.
Stable coins have become the quintessential currency for trading cryptocurrencies. They offer plenty of benefits, such as allowing traders to hold value during market volatility. The importance of stable coins has seen a dramatic increase in recent months.
Tether (USDT) remains the largest stable coin in the market. Backed 1:1 by US Dollar, the project ranks in the top 10 cryptocurrencies.
Now it appears that there will finally be a lucrative New Zealand stable coin. Techemynt has launched its own stable coin backed 1:1 by the New Zealand Dollar. The stable coin will operate under the ticker $NZDs.
Crypto Growth in New Zealand
The growth of cryptocurrencies across the world has seen stable coins play a vital role. By offering instant processing, transferability, and a store of value, stable coins have become integral to the volatile markets. The launch of $NZDs will now mean New Zealanders can trade cryptocurrencies in their own currency.
Techemynt Executive Director Fran Strajnar commented on the launch of the stable coin, saying, “Between the popularity of the New Zealand Dollar and the proliferation of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and lead the creation of an NZD-based stable coin.”
Strajnar also stated that the project had taken over a year to develop. The project also adheres to New Zealand’s legal requirements, he confirmed.
NZDs Ready for Purchase
Currently, investors can purchase the stablecoin directly from Techemynt’s website. However, the minimum amount to purchase is NZ $100,000. Users can also purchase stablecoins on secondary exchanges in New Zealand, such as cryptocurrency exchange Dassetx.com.
While the launch of a New Zealand stable coin will offer more on-ramps for traders in the country looking to trade and move funds, The stable coin will have a lot to prove. New Zealand is well known for having operated the once-popular cryptocurrency exchange Cryptopia.
The exchange was hacked in early 2019 and is still in liquidation, with users yet to receive a single dime from the company.