First Rand stablecoin, ZARP, goes live on the OVEX exchange, natively South African exchange. It is pegged to the same price of the South African Rand.
Simon Dingle, one of ZARP founders, said that the project was launched to give crypto users access to Rand value on the blockchain while making the Rand compatible with DeFi protocols.
Kempen Group, responsible for auditing the stablecoin, has attested to the stable’s token supply and the cash in its treasury account.
Dingle has added that ZARP’s smart contract has been audited by an organization called Solidity Finance and they’ve attested to the stable’s quality.
Besides OVEX, the stablecoin is also listed on an exchange liquidity pool called Curve. It is on the Ethereum blockchain and it is efficient for trading stablecoin at low risk, offering supplemental fee income for liquidity providers with no opportunity cost, meaning that yield incentives in the ZAR value will soon be available on Curve.
ZARP says it has reached an agreement with keep3r.network, an innovative decentralized platform created to facilitate the cohesion between projects in need of outside development operations and those that can provide the required services.
The stablecoin is said to keep the RAND (ZAR) exposure, while allowing South Africans access to DeFi.
This would bring the advantages of stablecoins which Dingle believes to be a vital player in representing fiat currencies in the new world of DeFi.
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