The stablecoin, pegged to the New Zealand dollar, was launched through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys. In an announcement on November 22, Labrys and Easy Crypto said NZDD will be backed 1:1 by cash in trust and will be regulated by the New Zealand Financial Markets Authority.
The stablecoin initially runs on Ethereum, with plans to expand to Polygon, BNB Smart Chain, Arbitrum, Optimism, and Coinbase Base. Easy Crypto was interested in launching a stablecoin because it argued that it was more difficult for New Zealanders to maximize their profits when using tokens pegged to the US dollar.
Along with the stablecoin, Easy Crypto introduced a self-custody multi-currency wallet secured by multi-party computational cryptography by incorporating the user’s trusted circle with key parts instead of the seed phrase.
Image: Bloomberg
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