ZARP Stablecoin, a cryptocurrency pegged to the price of the South African Rand, has joined global industry body The Stablecoin Standard. Founded in 2022, the Stablecoin Standard was created to advance the industry through shared issuer initiatives, while simultaneously developing best practices and principles for high quality liquid stablecoins.
These principles include fully collateralised treasuries, financial viability, monthly attestations by independent auditors, and compliance with regulations specific to their jurisdictions.
Said Simon Dingle from ZARP Stablecoin, “We are proud to have been accepted into the Stablecoin Standard as a leading stablecoin project. Stablecoins play a central role in the new and emerging financial system and the Stablecoin Standard is playing a vital role in identifying projects that adhere to best practices and propel our industry.”
He added that ZARP Stablecoin recently announced that it had appointed Old Mutual Wealth to manage the treasury that backs the value of ZARP tokens, and that Old Mutual Wealth had also committed to providing liquidity for the ecosystem of ZARP users.
Christian Walker, Chairman of Stablecoin Standard stated “The South African Rand is a globally significant currency and we are delighted to welcome ZARP into the Stablecoin Standard. We were impressed by the strength of the team and what they have achieved so far and look forward to them contributing to the global conversation around stablecoin best practices.”