what's NZDD?

NZDD is a stablecoin pegged 1:1 to the New Zealand Dollar (NZD), issued by ECDD Holdings Ltd. Each NZDD token represents a claim on NZD held in a bare trust at a local New Zealand bank, ensuring full redeemability for the underlying currency. The smart contract is open-source and deployed on Ethereum, with expansions to Base, Polygon, and other chains for broader accessibility. It enables borderless, 24/7 payments without traditional banking, remittances, utility bill payments via partners like PayitNow, and DeFi activities such as providing liquidity on Uniswap. Regulatory clarity from New Zealand's FMA designates qualifying NZDD as a non-yield-bearing payment instrument rather than a financial product, supporting compliant on-chain use by individuals and businesses.

NZDD ruled not a financial product by NZ FMA, first in fintech sandbox.