nzdd

According to Cointelegraph, the New Zealand Financial Markets Authority (FMA) has officially ruled that the stablecoin NZDD, which is pegged to the New Zealand dollar, does not qualify as a financial product.The FMA stated that the NZDD stablecoin does not constitute a debt security in economic substance, as its holders do not receive any profits, interest, or other returns, nor does it possess investment characteristics. This ruling stems from the financial technology sandbox pilot project that the FMA is advancing.

ChainCatcher news, according to Cointelegraph, a stablecoin pegged to the New Zealand dollar has officially launched through a partnership with New Zealand's crypto exchange Easy Crypto and Australian blockchain development company Labrys.Labrys and Easy Crypto stated that NZDD will be backed 1:1 by custodial cash and will be regulated by the New Zealand Financial Markets Authority.It is reported that the stablecoin initially launched on the Ethereum mainnet, but plans to expand to Polygon, BNB Smart Chain, Arbitrum, Optimism, and Base.