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Two weeks ago I published an article titled "Can Africa Stablecoins ever be Sustainable like Naija Jollof or maybe Ghana Jollof." Forget the witty title, let’s get down to business.

In a section of the article was written, I quote “Emerging economies creating their stablecoins can prove invaluable as it can help address the issue of currency volatility, thereby stabilizing local currencies.”

Anyways, in the late hours of yesterday, Easy Crypto (an easy-to-use platform common for buying and selling cryptocurrencies) made a tweet on X announcing the official launch of their new stablecoin, NZDD which is backed 1:1 to NZD, New Zealand's legal tender.

“Everything is going digital - including currency - but what makes many people hesitate is the stability of these assets. We wanted to change this by offering a trusted NZ dollar-backed ‘stablecoin’ - NZDD - that bridges the gap between traditional finance and the digital age.” said Janine Grainger, co-founder and CEO of Easy Crypto.

P.S: This isn't the first stablecoin to be backed to the New Zealand Dollar but it proves that people are slowly realizing that over-dependence on the US dollar-pegged stablecoins isn't ideal.

The website states "NZDD is your gateway to the future of finance, combining the benefits of blockchain technology with the trust and stability of the New Zealand Dollar."

The stablecoin presents a new way for New Zealand citizens to embrace innovation in payment methods whether as an individual or as a business. In addition to this, the new stablecoin can help strengthen the national currency as it’s been on a decline for most of the year.

Minting

A smart contract called NZDD smart contract has been put in place to facilitate the minting of the new stablecoin and distribution in circulation.

Blockchains supported

NZDD is currently only supported on Ethereum but the team has plans to expand to other major blockchains.

Wallets supported

The stablecoin is available for buying and swapping primarily on Easy Crypto Wallet and also PIN.

What do you think about projects creating stablecoins backed by their country’s legal tenders?

And how effective do you think they are in stabilizing the currencies they are pegged to?