On November 22, 2023, Labrys and Easy Crypto launched a New Zealand Digital Dollar that will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority. An August report commissioned by the New Zealand’s parliament said the country has taken an “agile” approach to crypto regulation. It recommended that problems are "addressed as they arise, and that the government creates "coherent and consistent guidance on the treatment of digital assets under current law.”

According the CoinMarketCap, “NZDs” is a New Zealand Dollar stablecoin backed 1:1 with physical New Zealand Dollars in a cash and cash equivalent treasury managed by a New Zealand registered Financial Services Provider (FSP). The New Zealand Dollar cash (and cash equivalents) which underpin NZDs are held on bare trust for holders of NZDs (Holders) under a bare trust deed and thus the trust funds of Holders will not form part of the assets of the NZDs issuer in the event of a liquidation. New Zealand’s currency is a leader in adaptability, resilience and market trust. NZD is the 10th most traded currency globally.

The NZD stablecoin will offer cryptocurrency users the stability and utility of the New Zealand Dollar with the versatility of a cryptocurrency. NZDs will have governance, management and transparency processes and procedures, with a focus on operations and compliance day-to-day. Techemynt is the issuer of NZDs and is a Registered Financial Service Provider (FSP: 9429048880428). Earlier attempts to launch a NZ dollar-pegged stablecoin include the 2021 launch of $NZDs by Australian financial services provider Techemyny. However, in 2022, the bridge used by the stablecoin was blacklisted after the hack of the DFX Finance protocol in November 2022 leaving a large portion of funds stranded on the Polygon blockchain.