Luno Lists First Institutional-Grade Rand Stablecoin ZARU
ZARU, the first institutional-grade Rand stablecoin, has been listed on Luno Crypto Exchange. This milestone marks the first time a regulated ZAR stablecoin has been traded on a large exchange, providing a continuous, on-chain secondary market for the Rand.
The listing builds on ZARU's existing footprint, which includes availability to retail customers through Easy Equities and Luno Global's instant trade feature in South Africa. Qualified institutions can access ZARU over-the-counter, while Luno has extended reach with a joint campaign with Tether that offers up to 15% back in Tether Gold to customers who pay with ZARU at 1 million merchants across South Africa.
The new exchange pairs will be available to customers in South Africa, Nigeria, Kenya, and Uganda, with further regions added as regulation permits. The listing on Luno Global is a major step towards building real on-chain capital markets and FX, according to Vighnesh Patel, CEO of BlockTower.