ChainEx, an exchange platform in South Africa, has announced the launch of their stablecoin CZAR, pegged to the South African Rand.
CZAR, which is built upon the Binance Smart Chain (BSC) blockchain, is a stable reserve asset pegged to the South African Rand. It is designed to reduce the volatility relative to unpegged cryptocurrencies like the Bitcoin.
According to the exchange, CZAR is said to be transparent and globally accessible to anyone on the grid 24 hours a day. It is also said to be cheap, fast and secure to transmit. CZAR is also programmable and digitally native to the internet.
ChainEX explains that CZAR is backed by South African Rands, investments and assets equal to the value of the amount of CZAR that has been minted, at the very least.
ChainEX also listed some use cases for Czar:
- Used to trade in DeFi markets and other decentralised exchanges
- Provide Liquidity on DeFi AMM and liquidity pools
- CZAR can also be used to reduce price volatility risk within the cryptocurrency space
- CZAR can be used to send money to other people both locally and across borders without having to bother about price fluctuations
- It can be used to earn trading fees when staked in liquidity pools on DeFi
CZAR is listed on ChainEX and is also tradeable on the largest DEX on BSC, PankeSwap.
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