Rand goes on-chain as ZARU hits Luno Global
BlockTower’s rand-backed stablecoin now trades on Luno Global, marking the first institutional-grade rand stablecoin listing on a regulated crypto exchange.
Rand-backed stablecoin ZARU has been listed on the regulated crypto exchange Luno Global, marking the first institutional-grade rand stablecoin on a cryptocurrency exchange. This listing allows ZARU to be traded on-chain against US stablecoins USDT and USDC. ZARU is pegged at a 1:1 ratio to the South African rand's value against the US dollar.
Luno Global, a global cryptocurrency platform founded in 2013, is offering the exchange pairs to customers in South Africa, Nigeria, Kenya, and Uganda to begin with. ZARU has been available to retail customers through Easy Equities and Luno Global's instant trade feature in South Africa, as well as to qualified institutional investors over the counter.
BlockTower CEO Vighnesh Patel explained that this listing is crucial for establishing real on-chain capital markets and foreign exchange for ZARU. The South African Reserve Bank's latest Financial Stability Review shows that USDT remains the dominant stablecoin in South Africa, with on-chain transactions involving USDT across major exchanges reaching nearly R27 billion in the year to April 2026.
However, trading activity at selected crypto asset service providers indicates a decline in trading volumes. The South African crypto regulatory framework is evolving, with new foreign exchange rules proposed by National Treasury to combat illicit financial flows.
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