Auckland-based financial service provider Techemynt announced the launch of a stablecoin reportedly backed by the New Zealand dollar.

In a statement from Techemynt today, the firm announced it had launched a cryptocurrency backed 1:1 by the New Zealand dollar and deployed on the Ethereum blockchain by Blockchain Labs. Techemynt is a registered financial service provider with the country’s major financial watchdog, the Financial Markets Authority.

The firm said it would be offering the $NZD stablecoin directly to any customers who want to purchase more than $100,000 NZD worth — roughly $70,000 USD. Crypto users can also find the token on New Zealand-based crypto exchange Dassetx, with Techemynt saying it aims to integrate the stablecoin with more exchanges in the future.

“Between the popularity of the New Zealand Dollar and the proliferation of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and lead the creation of a NZD-based stablecoin,” said Techemynt executive director Fran Strajnar. “After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world.”

Strajnar said the stablecoin was developed “adhering to New Zealand’s legal requirements.” According to Techemynt’s website, the NZD backing for the stablecoin will be confirmed by a “leading accounting firm” on a quarterly basis.

A couple of New Zealand-based financial firms have attempted to issue stablecoins backed by the country’s dollar in the past. In 2017, the now-defunct crypto exchange Cryptopia launched its NZDT token, reportedly the first to be tethered to the New Zealand dollar. More recently, financial services company Power Finance said it planned to launch a non-government-backed digital version of the New Zealand dollar in early 2021.