ZAR Universal Stablecoin Goes Live on Arc Blockchain
ZAR Universal (ZARU), South Africa's first institutional-grade rand stablecoin, has gone live on Arc Blockchain. The stablecoin is issued by BlockTower under license from the Financial Sector Conduct Authority and is fully reserved and independently audited. Every ZARU in circulation is backed one-to-one by South African rands held onshore.
ZARU was simultaneously launched as a founding currency pair on Circle StableFX, enabling 24/7 programmable onchain foreign exchange with fully-reserved stablecoins and instant settlement to simplify global digital currency conversions. The ZARU/USDC pair will settle atomically onchain via Arc through StableFX's Request-for-Quote engine.
Luno, a leading South African exchange, has introduced ZARU and will serve as the primary exchange venue for ZARU/USDC liquidity. As institutional market makers come onto StableFX and liquidity deepens, the pair will progressively unlock the full depth of the ZAR's position within global digital asset markets.
Nikhil Chandhok, Chief Product and Technology Officer at Circle, said: 'StableFX was built to bring institutional FX onchain, with atomic settlement, RFQ execution, and real liquidity from day one.'