Kenne Michael 
A partnership between Australian blockchain development firm Labrys and New Zealand crypto exchange Easy Crypto resulted in the launch of a stablecoin pegged to the New Zealand currency.
Labrys and Easy Crypto announced on November 22 that the NZDD will be regulated by the New Zealand Financial Markets Authority and backed 1:1 with cash in trust.
With intentions of expanding to Polygon, the BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base, it is presently operational on Ethereum.
Easy Crypto developed the stablecoin because, according to the company, it was more difficult for New Zealanders to optimize their earnings when utilizing tokens fixed to the U.S. dollar.
Janine Grainger, co-founder and CEO of Easy Crypto, asserted that the NZDD would “move NZ forward as a nation, giving us a digital, programmable currency that can do everything the NZD can do.” and that it would bridge the gap with traditional finance.
However, Easy Crypto also introduced a multicurrency self-custody wallet, which utilized multiparty computation cryptography to safeguard the funds.
Meanwhile, this was achieved by enlisting members of the user’s “trusted social circle” with part of the key instead of a seed phrase.
Keep an eye out for an upcoming episode with Easy Crypto talking about the new wallet and new #stablecoin!
#NZDD #investing #alternative #assets #realdiversification pic.twitter.com/Wt9EPq1Gri— Darcy Ungaro (@UngaroDarcy) November 21, 2023
In August, the New Zealand parliament commissioned a report stating that the nation has adopted an “agile” approach to crypto regulation.
It is suggested that the government establish “coherent and consistent guidance on the treatment of digital assets under current law” and address problems as they arise.
Previous endeavors to introduce a stablecoin pegged to the New Zealand dollar include Techemyny, an Australian financial services provider, which introduced $NZDs in 2021.
However, after the November 2022 breach of the DFX Finance protocol, the bridge utilized by the stablecoin was blacklisted in 2022.
As a result, a significant portion of the funds became stranded on the Polygon blockchain.