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New Zealand Crypto Exchange Launches NZD-Pegged Stablecoin Backed by Cash Trust

New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys have partnered to launch a stablecoin pegged to the New Zealand dollar. The NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority. It is currently live on Ethereum and plans to expand to other platforms including Polygon, BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base. The stablecoin was launched to address difficulties faced by New Zealanders in maximising profits when using US dollar-pegged tokens.

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