Mesh Launches yZAR, South Africa's New Daily-Yield Stablecoin
Mesh, a fintech company, has launched yZAR, a stablecoin for the South African market. yZAR operates via a bankruptcy-remote structure, protecting client assets, and is issued through a special purpose vehicle. The stablecoin is gaining traction amidst growing stablecoin usage in Africa, with South Africa's Financial Sector Conduct Authority (FSCA) intensifying oversight.
Mesh clients retain their assets in their own blockchain accounts, not pooled on Mesh's ledger, ensuring direct control and verifiability. yZAR accrues daily yield, distributed monthly, unlike other stablecoins like mZAR. The stablecoin can be redeemed quickly, within 15 minutes, with no lock-up or notice periods. Mesh envisions yZAR complementing, not replacing, money market allocations. The company has secured a Financial Services Provider (FSP) licence and undergoes monthly audits. Advisers are urged to understand stablecoins as they increasingly fit into cash management and portfolio structuring strategies.
yZAR's launch by Mesh brings a new stablecoin option to South Africa, offering daily yield and rapid redemption. With stablecoins making up 43% of all cryptocurrency transaction volume in Africa, and South Africa's FSCA intensifying oversight, understanding and adoption of stablecoins like yZAR are set to grow.
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