ZARU Becomes First African Stablecoin to Go Live on Circle's Arc Blockchain
South Africa's institutional rand-backed stablecoin ZARU has launched on Circle's Arc blockchain and joins Circle StableFX as a founding currency pair.
AfroEuropa Newsroom
AfroEuropa desk
ZAR Universal (ZARU), described as South Africa's first institutional-grade stablecoin backed by the rand, has gone live on Arc, an open layer-1 blockchain built by Circle for financial markets and real-time money movement, according to a press release published by BitKE.
ZARU launches simultaneously as a founding currency pair on Circle StableFX, a system that enables round-the-clock programmable onchain foreign exchange using fully-reserved stablecoins with instant settlement. The stablecoin is issued by BlockTower under a licence from South Africa's Financial Sector Conduct Authority (FSCA). BitKE reported that ZARU is fully reserved and independently audited, with each unit in circulation backed one-to-one by South African rands held onshore.
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