New Zealand Digital Asset Firm Launches Country’s First Compliant Stablecoin, $NZD
The stablecoin is built on Ethereum leveraging Circle, Coinbase, and Blockchain Labs frameworks. Audit reports on the reserves will be released quarterly, the report states.
Techemynt, a digital asset transaction service, announced the launch of a New Zealand dollar-backed stablecoin, $NZD.
Auckland-born digital asset service provider, Techemynt announced the launch of a New Zealand dollar-backed stablecoin. The Ethereum-based token is fully backed 1:1 with cash and cash equivalents in the firm’s treasury (denominated in New Zealand Dollars).
According to the report, the stablecoin will provide an avenue to digital payments, remittance, arbitrage opportunities across the country. Additionally, $NZD aims to strengthen and stabilize the New Zealand dollar in order to make it “a prominent participant in the global digital asset economy,” it further reads.
Fran Strajnar, Executive Director of Techemynt, said the company partnered with top teams in crypto such as Circle, Coinbase, and Blockchain Labs to successfully deploy $NZD on Ethereum. This will be the first compliant New Zealand dollar-backed stablecoin and will continue to be built “adhering to NZ legal requirements,” he added.
“After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world.”
To ensure transparency and accountability in issuing the $NZD stablecoins, Techemynt will employ the services of a “leading accounting firm” to provide quarterly audit reports on the state of the reverses to $NZDs issued.
Starting today, the Techemynt $NZD tokens will be distributed directly to customers who wish to acquire $100,000 NZD or more worth of tokens (~$71,300). Users can also acquire coins in the secondary markets through Bittrex owned exchange, Dassetx.com.
However, this is not the first time a New Zealand stablecoin has launched in the markets. Back in 2017, now-defunct crypto exchange, Cryptopia launched its NZDT stablecoin, reported to be backed 1:1 to the New Zealand dollar.