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Rand-Backed ZARU Stablecoin Launched In South Africa
ZARU stablecoin officially launches in South Africa to enable a local fiat currency representation of the South African Rand.
South Africa has seen several stablecoins launched over the last few months to help bring its local fiat currency onchain (Karabo Mdluli / Unsplash)
ZARU stablecoin is now live in South Africa.
The latest stablecoin is co-created by a group of leading financial entities and technology platforms, including Sanlam , EasyEquities, Luno, and Lesaka. ZARU (standing for ZAR Universal) is backed the South African RAND, with reserves held at Standard Bank.
EasyEquities CEO Cahrles Savage expressed:
“Our mission has always been to make investing easy and accessible.We’re providing South Africans with a fast, trusted, and low-cost way to seamlessly participate in the future of finance while keeping the Rand at the center of it.”
Their latest attestation report shows a reserve ratio of 100.005% at the time of the snapshot, checked by Moore and currently held as "Cash & Bank Desposits". Solana is selected as the initial network launch the stablecoin. For now, you also have to be an institutional investor passing criteria to enroll for the ZARU settlement services.
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