EasyEquities Joins Consortium Launching ZARU Rand-Backed Stablecoin

Four of South Africa's leading financial institutions have joined forces to launch a new rand-pegged stablecoin, aiming to modernise payments and bridge traditional finance with blockchain technology.

The stablecoin, named ZAR Universal (ZARU), was introduced on Tuesday through a partnership between cryptocurrency platform Luno, low-cost trading platform EasyEquities, fintech Lesaka Technologies, and Sanlam Specialist Asset Management. The group describes ZARU as an "institutional-grade" digital currency available to both retail consumers and institutional investors.

Stablecoins like ZARU are designed to combine the stability of fiat currency with the speed and programmability of blockchain networks, avoiding the price volatility seen in cryptocurrencies such as bitcoin. The backers say ZARU will enable near-instant, low-cost transfers around the clock, cross-border settlements, and improved financial inclusion for emerging markets.

"Historically, payments, cross-border trade and remittances involving the rand have been slowed by traditional banking hours and fees. ZARU solves this by operating on a blockchain, providing a trusted, fully rand-backed digital currency that enables instant, 24/7 settlement," the four partners said in a joint statement.

Each ZARU token is fully backed by high-quality rand-denominated liquid assets, including cash, bank deposits, and government bonds. The reserves are independently audited monthly by chartered accounting firm Moore Johannesburg to ensure transparency and stability. Sanlam Specialised Asset Management oversees the asset-liability management of the underlying funds.

Phased rollout

From Tuesday, qualified institutional investors can access ZARU via the Luno and EasyEquities trading desks. Retail investors will have to wait for a phased rollout on both platforms, with further details to be published on the ZARU website.

"ZARU is a crucial milestone for South Africa’s digital economy. It’s designed to make everyday payments and money transfers faster and cheaper, while fully supported by secure reserves that help strengthen the local financial system," said Luno CEO James Lanigan.

South Africa has seen a handful of rand-denominated stablecoins emerge in recent years. The most established is ZARP, a fully collateralised stablecoin managed by Old Mutual Wealth. More recently, ZAR Supercoin was launched by Super Money SA, a subsidiary of NYSE-listed Super Group. These offerings highlight growing interest in fiat-pegged digital currencies in the country, even as broader regulatory frameworks continue to evolve.