New Zealand launches local dollar-based stablecoin ‘NZDD’

EasyCrypto, a New Zealand cryptocurrency exchange, and Labris, an Australian blockchain developer, have joined forces to introduce a stablecoin called NZDD, backed by the New Zealand dollar. This stablecoin is secured by cash reserves in banks, maintaining a 1:1 value and operating under New Zealand financial regulations. Initially available on Ethereum, it plans to expand to other blockchain networks like Polygon, BNB Smart Chain, Avitrum, and Optimism.

This initiative aims to address the challenge of maximizing returns from USD-based stablecoins in New Zealand. Janine Granger, Easy Crypto’s co-founder, believes NZDD will not only bridge the gap with traditional finance but also enhance New Zealand’s financial markets through a programmable digital currency.

Furthermore, Easy Crypto has introduced a multi-currency custodial wallet ensuring asset protection through advanced encryption methods and involving a trusted network of seed phrase users.

Amid increasing calls for cryptocurrency regulation, the New Zealand Parliament remains supportive of cryptocurrencies and blockchain technology. Despite concerns about volatility, environmental impact, and potential financial crimes, they prioritize avoiding over-regulation to foster business growth and competitiveness.

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