New South African rand-pegged stablecoin goes live on Luno

Super Group, through its South African subsidiary Super Money, has launched a new stablecoin pegged one-to-one to the South African rand.

The stablecoin, called the ZAR Supercoin (ZARSC), is now available for purchase on Luno, with listings on additional exchanges expected to follow.

The details 

• Super Group says that its subsidiary, Super Money, is licensed by the Financial Sector Conduct Authority (FSCA), and every ZARSC token is backed by rand reserves held at Absa.
• These reserves will be audited by the blockchain analytics firm Chainalysis’ ecosystem audit tool, Chainalysis Sentinel. 
• To drive adoption, the firm plans to launch a digital wallet by March 2026 that will integrate with fintech apps and support peer-to-peer transactions.
• One of the early use cases for this will be for cheaper payments on the gambling website owned by Super Group, Betway. Plans to integrate ZARSC on the platform are already underway. 
• The creators of ZARSC are seeking listings on additional exchanges to expand access, although it remains unclear how many stablecoins are currently in circulation.

How it works 

• ZARSC will launch on Solana and be tradable within the wider crypto ecosystem, with potential support for cross-border transactions.
• Primarily, the token will allow users to pay for services across Super Group’s gaming platforms, including the popular sports betting website Betway, and a soon-to-be-launched Supercoin app. 
• Traditional payment systems in South Africa can also integrate the token to enable rand-based stablecoin payments, South African exchange Luno said. 

Key quotes 

• Super Money South Africa, in a statement issued yesterday, said: 

“ZAR Supercoin allows users to hold, send and redeem digital rands instantly and securely. It combines the speed and accessibility of blockchain technology with the trust and oversight of regulated finance.” 

• Super Money’s managing director, Warren Ross, said: 

“ZAR Supercoin is designed to bring the power of digital money and blockchain into everyday South African life. Whether you’re paying for groceries, sending money to family, or running a small business, it’s fast, secure, and always backed by the rand.” 

Some background 

• The entrance of the new South African rand-pegged stablecoin brings the known ZAR-pegged stablecoins to three — ZARC, ZARP, and ZARSC. 
• Other local stablecoins on the continent, such as the Compliant Nigerian Naira (cNGN), also appear to be gaining traction based on available on-chain activity.
• At the moment, there are more than 650 million cNGN tokens in circulation across multiple blockchains, as adoption continues to grow. 

Zoom out

• The increase in local stablecoin activity on the continent rides on a broader tilt towards United States dollar-pegged stablecoins as Africans look to hedge against inflation and preserve value. 
• Governor of the South African Reserve Bank, Lestja Kganyago warned last month that the increase in the adoption of USD stablecoins can cause countries to lose monetary sovereignty. 
• With heavily regulated local stablecoins, central banks can enjoy the best of both worlds — the speed and cross-border possibilities that stablecoin technology provides and regulatory oversight with local currencies.