Techemynt Launches First New Zealand Dollar Stablecoin, $NZDs

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AUCKLAND, March 10, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) - New Zealand Registered Financial Service Provider Techemynt (https://www.techemynt.com/) today announced the launch of the first New Zealand dollar stablecoin, $NZDs. $NZDs is backed 1:1 by the New Zealand Dollar, merging the flexibility of cryptocurrency with the stability of fiat. $NZDs was deployed on the Ethereum blockchain by Blockchain Labs, using the robust FiatToken framework developed by Centre.

Stablecoins are a type of cryptocurrency backed by a reserve asset, such as fiat currency or gold. They’ve gained traction as a way to pair the instant processing, security, and privacy of cryptocurrency payments with the stability of the underlying asset. The New Zealand Dollar is currently the tenth most-traded currency in the world and commands immense trust globally. As a blockchain-based stablecoin, $NZDs combines the stability and value of the New Zealand Dollar with the intrinsic utility of cryptocurrency to allow arbitrage, remittance, and digital payments, while positioning the New Zealand Dollar as a prominent participant in the global digital asset economy.

“Between the popularity of the New Zealand Dollar and the proliferation of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and lead the creation of a NZD-based stablecoin,” said Fran Strajnar, Executive Director of Techemynt. “After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world. We’ve worked extensively with our top-tier partners to ensure $NZDs builds upon the best aspects of existing stablecoins while adhering to New Zealand’s legal requirements.”

$NZDs is backed 1:1 with physical New Zealand Dollars in a cash and cash-equivalent treasury. $NZDs will have rigorous governance, management and transparency policies focusing on operations and compliance day-to-day.

Issued by Techemynt, $NZDs will be made directly available to customers who wish to acquire NZ $100,000 (or more) of $NZDs tokens. $NZDs will also be made available on secondary markets including the cryptocurrency exchange Dassetx.com (powered by Bittrex). Techemy intends to integrate $NZDs with other exchanges and on/off ramps in the future. Anyone purchasing $NZDs directly from Techemynt will be required to complete Customer Due Diligence checks in line with Techemynt’s FSP obligations under the Anti-Money Laundering and Countering Financing of Terroism Act 2009 (AML/CFT) of New Zealand.

Users of $NZDs are likely to include forex and crypto traders, crypto funds, investors, and eventually merchants and everyday consumers. Techemy also envisages that $NZDs will be able to be transferred to DeFi platforms to earn yield. Currently DeFi platforms have the potential to provide participants with much higher yields compared to traditional bank accounts.

To learn more, please download the $NZDs White Paper.

ABOUT TECHEMYNT

Techemynt (https://www.techemynt.com/) is a New Zealand Registered Financial Service Provider and the issuer of $NZDs, a stablecoin backed 1:1 by the New Zealand Dollar. $NZDs provides a blockchain-based analogue of the New Zealand Dollar that allows arbitrage, remittance, and digital payments, while positioning the New Zealand Dollar as a prominent participant in the global digital asset economy. Techemynt is led by Fran Strajnar, founder of the digital asset investment firm Techemy Capital and digital asset data infrastructure company Brave New Coin.

ABOUT $NZDs

$NZDs is a stablecoin backed 1:1 by the New Zealand Dollar, merging the flexibility of cryptocurrency with the stability of fiat. $NZDs was deployed on the Ethereum blockchain by Blockchain Labs, using the robust FiatToken framework developed by Centre and issuance by Techemynt. To learn more, please download the $NZDs White Paper.

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The Bank of Thailand is in the process of developing a Retail Central Bank Digital Currency.

The Bank of Thailand is open to legal digital currencies and plans to issue a consultation paper on stablecoins within the first half of this year.

Siritida Panomwon Na Ayudhya, assistant governor of payment systems policy and financial technology at the central bank, said the bank has only approved baht-backed stablecoin businesses, meaning those classified with electronic money (e-money) licences.

“There are many operators applying for the central bank’s approval to issue baht-backed stablecoins under several business models. Some want to expand from existing e-money businesses, while others want to develop new innovative financial services,” she said.

The Bank of Thailand has already set out appropriate guidelines for the regulation of financial services involving stablecoins, focusing only on legal baht-backed stablecoins, said Ms Siritida.

These are cryptocurrencies designed to minimise price volatility by being pegged to the baht and are intended to be used as a means of payment. Such stablecoins may be classified as e-money under the Payment Systems Act of 2017.

The regulator oversees risks associated with e-money, such as settlements, money laundering, cybersecurity and consumer protection risks. Operators who intend to provide services involving baht-backed stablecoins are required to consult with the central bank before beginning any operations. This policy is in line with the regulatory guidelines in many countries, such as Britain, Singapore and Japan, she said.

Other forms of stablecoins (including foreign currency-backed stablecoins, asset-backed stablecoins and algorithmic stablecoins) are not illegal, said Ms Siritida. The central bank is open to receiving comments and feedback before enacting the appropriate regulatory guidelines, she said.

The central bank’s move to clarify the stablecoin business in Thailand comes after it warned people to refrain from participating in any activities involving Thai Baht Digital (THT), as there are no legal assurances or protections and users could be at risk of cybertheft or money laundering.

Any activities involving the new stablecoin THT (created abroad on the Terra platform) are considered illegal. The creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958, the central bank said in a statement on Wednesday.

Ms Siritida said the Bank of Thailand sees the benefits of financial technology and is ready to embrace new innovations to improve financial services. In this regard, the central bank is in the process of developing a Retail Central Bank Digital Currency (Retail CBDC) to meet the needs of the general public, improve service efficiency in the business sector and increase access to financial services.

The central bank is scheduled to issue a direction paper on Retail CBDC next month and hold a public hearing process. The development of both Retail CBDC and the existing Wholesale CBDC will proceed hand-in-hand, she said.

“The central bank will continue to closely monitor the developments of new technologies, taking into account the benefits and related risks in an effort to adopt policies supportive of promoting economic development while maintaining financial system stability,” said Ms Siritida.

The central bank’s assistant governor Pruettipong Srimachand insisted yesterday THT is considered illegal and that it intends to replace the baht because one unit of THT is denominated in and valued at one baht.

“Given the offshore platform of Terra, the Bank of Thailand’s regulations do not cover THT,” said Mr Pruettipong.

“We would ask for collaboration with regulatory bodies overseas to manage the risk.”

Apart from the baht, nine other currencies worldwide are credited on the Terra platform.

THT has logged around 1,000 transactions accounting for tens of thousands of baht.

In the event of fraud using an illegal stablecoin currency, investors must deal with the risks themselves, he said.

SuperNova.Cash discusses NEO integration via Poly Network and its algorithmic stablecoin platform on O3 Live

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The O3 Labs team recently hosted SuperNova.Cash core community member, Kevin Wong, on an O3 Live AMA. In the AMA, Wong discussed:

What makes the Supernova platform unique from other stablecoin platforms

Integration of the sNEO planet, which accepts NEO, SWTH, and FLM for LP

How Supernova can increase the utility of the NEO token in cross-chain DeFi applications

The impending launch of an sFLM planet

Plans for mortgage-free lending processes

Plus more

SuperNova.Cash is a stablecoin platform that algorithmically pegs its synthetic assets to market prices of the tokens it supports. A recent strategic cooperation agreement with Poly Network allows NEO, SWTH, and FLM token holders to transfer assets and stake liquidity for sNEO rewards on the SuperNova.Cash platform

A transcript of the AMA can be found below:

Q1: What is SuperNova.Cash?

Kevin: SuperNova.Cash is an essential part of the experimental algorithmic stablecoin metaverse. Here are three perspectives infiltrating the importance of the experimental algorithmic stable coin.

First, SuperNova.Cash is built based on Ampleforth-EmptySetDollar and BasisCash. In Supernova, we use sFUND and SHARE-raising instead of a bond mechanism.

Second, algorithmic stablecoin will build multiple planets in HECO chain in SuperNova.For example, sCASH anchors the value of USD, sHT anchors the value of HT, sNEO anchors the value of NEO, sETH anchors the value of ETH, sBTC anchors the value of BTC. These planets are not isolated but coordinate through SHARE governance; users holding shares can obtain rewards from different algorithmic planets and bear the risk of equity dilution when part of the planet’s price is out of the anchor.

Third, Supernova’s metaverse worldview will link different algorithmic assets on other public chains in an efficient way that will increase asset liquidity and efficiency.

Q2: What is Supernova’s metaverse worldview? Can you give more details?

Kevin: I’ve found the most innovative and fascinating aspect of the Supernova project is the metaverse.

The metaverse that Supernova builds will spread across multiple public chains, such as Supernova Universe on HECO, Big Bang Universe on Binance Smart Chain, Pulsar Universe on Okexchain, E-Universe(name TBD) on Ethereum, and N Universe (name TBD) on N3.

These algorithms’ stablecoin assets will be unified by the realization of the cross-chain through Poly Network.

In a single universe, each algorithmic stablecoin is a planet, and the number of planets is determined by SHARE-DAO, so more assets will be introduced into this metaverse.

For example, Supernova Universe anchors sHT that anchor the value of HT; In Big Bang Universe sBNB an algorithmic stablecoin that anchors to the value of BNB. In Pulsar Universe sOKB an algorithmic stablecoin that anchors to the value of OKB, those assets will be used in different universes in the future. The algorithmic stablecoin assets that anchor OKB and OKT in the P universe can be used simultaneously in different universes in the future.

Furthermore, sNEO, an algorithmic stablecoin that anchors to the value of NEO, will also exist in the five universes mentioned above and can be transferred cross-chain.

During the cross-chain, except for the gas fee needed to pay to Poly Network, a cosmic tax based on the actual liquidity difference in the universe needed to be paid. The part of the tax will be donated to public chain developers, and the rest will be used for SHARE-DAO governance rewards.

Q3: Alongside multiple universes, application scenarios, and mortgage-free lending, what else does Supernova.Cash envision using universes. Are there any plans?

Kevin: We are currently developing contracts and debugging. In the Supernova universe, except for the five main stars (sCASH/sHT/sNEO/sETH/sBTC), the opening of other planets is based on the precondition of s-assets as Swap’s retransmission. For example, if we open sDOT planet, the liquidity of sDOT/sCASH needs to reach one million dollars.

The sFLM planet needs pFLM/sNEO liquidity of US $500,000. At this point, sCASH and sNEO have become trading relays for non-custodial exchanges.

The mortgage lending function will activate after the circulation of sCASH reaches 2.1 million. Though, mortgage-free lending is preparing and working right now.

Finally, the plan for NFT and other dApp will launch when the circulation of sCASH reaches 50 million.

Q4: Supernova needs a lot of liquidity before you can interact with other non-custodial exchanges?

Kevin: At present, we are cooperating with the three major lending platforms on Huobi ECO Chain. They are FiLDA, Channels, and Lendhub, which utilize the Huobi ECO Chain as a fulcrum to leverage mortgage lending of the whole algorithmic stablecoin.

Many assets that the mainstream lending platform has not accepted can be circuitously entered into the mortgage lending field through algorithmic stablecoin.

Yes, we need a lot of liquidity.

Q5: What’s the role of stablecoin sNEO, which anchors NEO value? Can you explain how users can use the O3 wallet to link to Supernova?

Kevin: In the Supernova universe, sNEO, which anchors the value of NEO, will further activate the value of NEO.

At present, NEO can be transferred to Huobi ECO Chain through the Poly Network cross-chain bridge, lending BTC and ETH through the FiLDA platform, and participating in various high-yield leading mining activities on Huobi ECO Chain.

With the SuperNova multiverse, sNEO assets will allow you to travel between universes and participate in various DeFi leading mining projects. It also increases the compound utilization of assets.

The SWAP/NFT/dApp applications will further broaden the needs and application scenarios of sNEO, and show more possibilities for the algorithm-based stablecoin universe on N3.

Q6: Why do we need an algorithmic stablecoin?

Kevin: The number of assets onchain is growing recently, and the institutions issuing stablecoin are more and more likely to incur regulatory troubles. Assets can be the medium of value storage and transfer. Using algorithms to stabilize the price of these assets can also realize value storage and transfer.

First, we will build a set of lending networks within the algorithmic stablecoin. The overall risk of this network is adjusted by the mechanism of the algorithm stablecoin itself. When assets flood in, the algorithm stablecoin is issued and enters the credit expansion cycle. When assets withdraw, the algorithm stabilizes currency deflation and enters the credit reduction cycle.

Although the algorithmic stablecoin itself has the risk of large fluctuations, the algorithmic adjustment mechanism will bring more beneficial changes, allowing more assets to enjoy the DeFi dividend rather than being a spectator.

Second, it’s about the last piece of the puzzle in the DeFi world — unsecured lending, which fits better with algorithmic stablecoins. Supernova has done a lot of brainstorming and designing in this area.

Q7: Can you share more about the sFLM planet that has not been unlocked yet?

Kevin: sFLM planet will release approximately 2,500 SHARE’s, so we need an equivalent of roughly US $500,000 in pFLM/sNEO liquidity to unlock the planet.

If you are interested in learning more about algorithmic stablecoins, users can join the sNEO planet and learn the expansion rules. Then, users can provide the liquidity of the pFLM/sNEO pair on MDEX.com and staking LP tokens to mine sFLM tokens.

After liquidity reaches an equivalent of $500,000, the second stage of sFLM will begin shortly afterward. In that stage, users can stake pNEO, pFLM, or pSWTH to join the genesis mining and even provide sFLM/pFLM SHARE/pFLM to mine SHARE tokens.

I believe the sFLM planet will unlock in approximately two weeks once pFLM and pNEO’s liquidity meets the Huobi ECO Chain’s minimum threshold. Once minimum liquidity requirements are met, the sFLM planet will unlock.

Q8: You mentioned Poly Network and cross-chain interoperability. Could you introduce how the economic model of cross-chain assets is unified?

Kevin: On SuperNova.Cash, any algorithmic stable coin of the same type, will anchor the same asset. So, there are no barriers to transfer s-series assets by Poly Network.

At the same time, three s-series assets connect many assets on different chains such as stablecoins like HUSD on Huobi ECO Chain, DAI on Ethereum, BUSD on Binance, and so on. We gave this transfer mode a special name, Wormhole.

The full AMA can be found at the link below:

https://t.me/O3Community/29544