Registered New Zealand financial services provider Techemynt has launched the first stablecoin pegged to the country's dollar.
Backed 1:1 by the New Zealand dollar, the $NZDs is deployed on the Ethereum blockchain by Blockchain Labs, using the FiatToken framework developed by Centre.
Techemynt says the $NZDs combines the stability and value of the dollar with the intrinsic utility of cryptocurrency to allow arbitrage, remittance, and digital payments.
The stablecoin will be made directly available to customers who wish to acquire NZ$100,000 or more of $NZDs tokens. It will also be made available on secondary markets including the cryptocurrency exchange Dassetx.com.
Fran Strajnar, executive director, Techemynt, says: "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."