New Zealand Regulator Seeks Input on NZD Stablecoin Class Designation

New Zealand’s Financial Markets Authority (FMA) is considering a legal designation that would remove some New Zealand dollar-backed payment stablecoins from financial-product rules, setting requirements for issuers. To qualify, tokens would need full backing from funds held on bare trust at a New Zealand-registered bank, redemption at face value and no return for holders. Issuers would also face ongoing obligations, including public reserve reports. The FMA describes the proposal as an interim measure alongside broader work on digital-asset regulation. It is aimed at stablecoins designed for payments rather than investment, and the authority has not made a final decision.