A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys.

In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority.

It’s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base.

Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.

Easy Crypto co-founder and CEO Janine Grainger said the NZDD bridges…

Read more on Cointelegraph