BlockTower, the regulated issuer of ZARU — a Rand-backed stablecoin — has announced that Luno Global has listed ZARU/USDT and ZARU/USDC trading pairs. This marks the first time an institutional-grade ZAR stablecoin has been listed on a large, regulated cryptocurrency exchange, giving the South African Rand its first continuous, on-chain secondary market, available 24/7 on Luno's exchange, and its first direct on-chain link to the world's two largest dollar stablecoins. The listing arrives as South Africa's Financial Sector Conduct Authority continues to build out one of Africa's most developed crypto-asset regulatory frameworks, having classified crypto assets as financial products and licensed a growing roster of Crypto Asset Service Providers — a backdrop that makes regulated on-chain Rand settlement newly viable.

The listing builds on ZARU's existing footprint. Since launch, ZARU has been available to retail customers through EasyEquities and Luno Global's instant trade feature in South Africa, and to qualified institutions over-the-counter. Luno has since extended that reach further with a joint campaign alongside Tether that pays up to 15% back in Tether Gold to customers who pay with ZARU at one million merchants across South Africa. Luno, founded in 2013 and operating across multiple African markets, ranks among the continent's most established crypto exchanges by user base, making its order book a meaningful liquidity venue for an emerging-market stablecoin.

Luno Global is making the new exchange pairs available to customers in South Africa, Nigeria, Kenya, and Uganda, with additional regions to follow as regulation permits. The four initial markets span three of Africa's largest economies and encompass some of the highest cross-border payment corridors on the continent, where World Bank data has consistently shown remittance and settlement costs running well above global averages — a friction that on-chain, 24/7 stablecoin rails are designed to reduce.

Why a Rand Stablecoin, and Why Now

The Rand is one of the most actively traded emerging-market currencies in the world, with deep, sustained demand across a broad range of capital market instruments — from spot FX and derivatives to offshore-listed products. Until now, that global Rand trading activity had no regulated, on-chain settlement venue. The ZARU/USDT and ZARU/USDC pairs on Luno Global are, in effect, Rand FX moving on-chain.

The wider stablecoin market is moving in the same direction. Non-USD stablecoin supply has grown fiftyfold since 2020, rising from $44 million to $2.20 billion, according to research by Keyrock and Bitso. Emerging-market currencies are leading this shift: Brazilian Real trading volume has compounded at roughly 20% per quarter for two consecutive years, reaching $5.3 billion, while the Mexican Peso has set successive quarterly trading records.

The Rand ranks among the most liquid and heavily traded emerging-market currencies, supported by strong bilateral trade flows from a resource-rich, industrial, and services-driven economy.

Who is building #stablecoin rails across #Africa ? A key institutional stablecoin is #ZARU , a #Rand -pegged stablecoin backed by @LunoGlobal @ZARUniversal @StandardBankZA @MooreSAfrica @sanlam @EasyEquities pic.twitter.com/eCmo0kLtC9 — BitKE (@BitcoinKE) March 4, 2026

How ZARU Works

BlockTower is an authorised Financial Services Provider (FSP 55172) and Crypto Asset Service Provider (CASP) in South Africa. ZARU is backed 1:1 by cash-equivalent reserves held in a segregated account at Standard Bank — South Africa's largest bank by assets. Sanlam Specialised Asset Management (Pty) Ltd, a licensed financial services provider and part of the Sanlam group of companies, manages the underlying assets.

Jacques Le Roux, CEO of Sanlam Financial Markets, said:

"For institutional holders, the reserve management structure is the point. It is the same operational discipline we apply across our asset base, now standing behind a Rand stablecoin."

Moore Johannesburg attests the reserves on a monthly basis, and the reports are published online for holders to inspect at any time.

ZARU can be accessed in two ways: direct minting and redemption through the BlockTower issuance platform for qualified institutional clients, and secondary liquidity on exchange. Luno Global provides one of the most accessible secondary venues through the ZARU/USDC and ZARU/USDT pairs. BlockTower is adding further centralised exchanges, decentralised exchanges, and OTC desks to establish multiple liquidity venues for ZARU across jurisdictions.

Introducing $ZARU Every #ZARU issued is fully backed by high-quality, liquid Rand-denominated assets, including cash, bank deposits, and South African government… — BitKE (@BitcoinKE) February 3, 2026

Dedicated Institutional Liquidity

BlockTower has partnered with Currency Hub — an authorised Financial Services Provider and Crypto Asset Service Provider regulated by the Financial Sector Conduct Authority — as ZARU's dedicated market maker. Currency Hub will quote two-way prices on the ZARU exchange-listed pairs.

"Continuous liquidity is what turns a listing into a market," said Warren Deats, CEO of Currency Hub.

Liquidity on Luno Global's exchange and OTC desk enables treasuries and trading desks to move substantial volumes in and out of ZARU at attractive spreads, around the clock in secondary markets. Dedicated market-making of this kind addresses a gap that has historically limited institutional adoption of non-USD stablecoins: thin order books and wide spreads outside peak banking hours.

What Comes Next

BlockTower's ambitions extend beyond ZARU. The company aims to become the emerging-market stablecoin issuer and wallet-as-a-service provider of choice for capital markets and the payments industry, with plans for stablecoin launches across key African and Asia-Pacific markets.

As more emerging-market stablecoins move on-chain, cross-peg pairs between them become possible, creating liquidity pools and network effects that did not previously exist — particularly with established financial institutions involved.

Vighnesh Patel, CEO of BlockTower, said:

"Institutionally trusted, regulated liquidity for ZARU is foundational to building real on-chain capital markets and FX. This listing on Luno Global is a major step in that direction. For any institutions interested in exploring what ZARU can unlock for your business, drop us an email at [email protected]."