Stablecoin startup Zar raises $7 million in funding, led by a16z and others

according to Fortune, stablecoin startup Zar announced the completion of a $7 million funding round, led by a16z, Dragonfly Capital, and VanEck Ventures.

The project aims to launch a stablecoin ZAR pegged to the South African Rand, focusing on digital payments and cross-border transactions in the African market. ZAR plans to ensure compliance and stability by collaborating with local financial institutions and promote the widespread adoption of stablecoins in the African region.