On the 6th of August 2019 eZAR Corporation (https://ezar.co.za) founded eZAR, South Africa’s first Rand backed stablecoin. eZAR is a digital currency on the Telos blockchain.
The launch of the stablecoin will open the door to so many opportunities. Having a non-volatile currency with all the benefits of blockchain could create a paradigm shift on how we perceive fintech and payment solutions.
We have seen how traditional banks all over the world have been suffering. They are all built on a centralised infrastructure and are designed around a system that involves high costs and manpower. Stablecoins might just be the solution people are not yet aware about that will solve the problems that exist in many countries. We can even look at it as being the next evolution in our economic system, a huge leap forward.