South African exchange, ChainEx, has announced their stablecoin CZAR, which is pegged to the South African Rand.
CZAR is a cryptocurrency built upon the Binance Smart Chain (BSC) blockchain and is pegged to the South African Rand, being a ‘stable’ reserve asset. It is designed in this way to reduce volatility relative to unpegged cryptocurrencies like Bitcoin.
According to the exchange, CZAR stablecoin offers these key qualities:
It is transparent, global, and accessible to anyone on the internet 24 hours a day
CZAR is fast, cheap, and secure to transmit
CZAR is digitally native to the internet and programmable