South Africa is one of the countries at the forefront of the global digital economy, with rand-backed stablecoins available in the market. Currency-backed stablecoins are also available in dollar, euro and the Singapore dollar, for example.
A stablecoin is tokenisation in its simplest form, a mechanism becoming the standard of mainstream finance. Essentially tokenisation means taking something that already has value — such as gold, a government bond, a unit of currency or a share in a company — and creating a digital token that represents ownership of it. The tokenised asset exists in the “real world”, and all changes in ownership are recorded securely on a blockchain.
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