Stablecoin startup Zar completes $7 million financing, led by a16z and others

Stablecoin startup Zar announced the completion of a $7 million funding round led by a16z, DragonflyCapital, and VanEckVentures. The project aims to launch ZAR, a stablecoin 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 partnering with local Financial Institution Groups, and drive the widespread adoption of stablecoins in the African region.