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
As to the reserve status, ChainEX says CZAR is backed by South African Rands, assets, and investments equal to at least the value of the amount of CZAR that has been minted.
ChainEX has also listed the following use cases for Czar:
- For use on decentralised exchanges like to trade in DeFi markets
- Provide Liquidity using CZAR on DeFi AMM and liquidity pools
- CZAR can be used to reduce the risk of price volatility within the cryptocurrency sphere
- CZAR can be used to send to other people money both locally and across borders without the risk of price fluctuations
- It can be staked in liquidity pools on DeFi to earn trading fees
The stablecoin is listed on ChainEX and is also tradeable on PanCakeSwap, the largest DEX on BSC.