New Zealand financial firm Techemynt launches stablecoin backed by NZD

Auckland-based financial services provider Techemynt has announced the launch of a stablecoin backed by the New Zealand dollar (NZD).

In a statement released by Techemynt, a registered financial services provider registered with the Financial Markets Authority (FMA), New Zealand’s primary regulator, the company announced that it has launched a cryptocurrency backed by the New Zealand dollar, pegged one-to-one to the New Zealand dollar and deployed on the Ethereum blockchain by Blockchain Labs.

The company said it will offer the New Zealand dollar-pegged stablecoin directly to any user who wants to buy more than 100,000 New Zealand dollars (about $70,000). Crypto users can also obtain the token on New Zealand cryptocurrency exchange Dassetx, and Techemynt said it aims to integrate the stablecoin with more exchanges in the future.

“Between the popularity of the NZD and the rapid growth of cryptocurrencies, Techemynt saw this as an ideal time to fill a gap in the market and lead the creation of a NZD-based stablecoin,” said Fran Strajnar, CEO of Techemynt. “After nearly a year in development, NZD is now the first to execute and deliver on its promise of bringing a NZD stablecoin to users around the world.”

Strajnar said the stablecoin was developed “in compliance with New Zealand’s legal requirements.” According to Techemynt’s website, the New Zealand dollar backing of the stablecoin will be confirmed by a “leading accounting firm” on a quarterly basis.

In the past, several New Zealand-based financial companies have experimented with issuing stablecoins backed by the New Zealand dollar. In 2017, the now-defunct cryptocurrency exchange Cryptopia launched its NZDT token, which was reportedly the first token pegged to the New Zealand dollar. More recently, financial services company Power Finance said it had plans to launch a non-government-backed digital version of the New Zealand dollar in early 2021.