A new stablecoin cryptocurrency, called ZARP, has been launched that is pegged to the South African rand. Founders Simon Dingle and Kenny Inggs launched the coin and said that the project was launched to give cryptocurrency users access to rand value on the blockchain, and to make the rand compatible with DeFi (decentralised finance) protocols.
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“ZARP is the first and only rand stablecoin with full cash reserves and independent attestation from accredited auditors,” the founders said in a statement. “We went looking for a rand stablecoin to use in our projects and were surprised to find that none existed, so we started one ourselves. A true stablecoin is backed by hard currency and is independently audited so that users can trust that it won’t lose its peg or that the owners can just mint as much of it as they like… We’re confident that we’ve ticked all the boxes in creating the ultimate stablecoin for the rand.”
The first cryptocurrency exchange to list ZARP is local company Ovex. It is also listed on Curve, an exchange liquidity pool on ethereum “designed for efficient stablecoin trading at low risk”. “This means that yield incentives will soon be available on Curve in native rand value,” the founders said.
ZARP has also been integrated with the Keep3r Network. It is a decentralised platform designed to bring together projects that need to source outside development operations and the people that will fulfil those roles.
“The forex markets are underrepresented in the blockchain ecosystem. Keep3r, specifically its ‘fixed forex’ component, replicates forex on-chain. ZARP allows South Africans access to DeFi while keeping their ZAR exposure,” Keep3r founder Andre Cronje said.
“As tokenistation revolutionises the global financial system, stablecoins play a vital role in representing fiat currencies in the new world of DeFi. We’ve made one that is safe, trusted and aligns with emerging regulation,” Dingle said.
