Super Group, the company behind Betway and Spin, announced the launch of a new stablecoin called ZAR Supercoin. The new digital currency has been developed primarily for use in African markets, the company said.

Super Group Launches an Africa-Oriented Stablecoin

According to Super Group’s official announcement, ZAR Supercoin is a stable digital currency that has been purpose-built for South Africa and the broader African market. The new token will operate under the umbrella of a new Super Group division dubbed Super Money SA.

In its announcement, Super Group clarified that Super Money will act as its blockchain and finance-oriented division. In addition to the ZAR Supercoin, Super Money will add a new Supercoin Wallet feature, providing users across the continent with unparalleled utility when trading Supercoin.

According to Super Group, the new coin will eventually allow customers to pay for Betway products. Users of the ZAR Supercoin will furthermore stand to benefit from a variety of promotions and initiatives, the company promised.

Super Group concluded that the Super Money division will allow the company to tap into a market that demands frictionless payments and global interoperability.

With Africa’s stablecoin volumes already estimated to be around $100 billion across key markets, there is incredible opportunity to integrate convenient, crypto-fueled payment solutions.

Supercoin to Hit More Exchanges in the Future

For context, the ZAR Supercoin will be listed on the Luno platform, a leading regulated crypto exchange operating in Nigeria, Kenya, Malaysia, and Indonesia. Super Group added that the coin could hit additional exchanges in the future.

The Supercoin will be deployed on the Solana blockchain, using Fireblocks Tokenization and Fireblocks’ wallet infrastructure.

Custody of the stablecoin’s fiat currency banking reserves will be held by ABSA Group, a South African banking company.

The Launch Comes at a Perfect Time for Super Group

Alinda van Wyk, Super Group’s chief financial officer, said that the company’s foray into the digital currency space comes at just the right time. According to her, it reflects the group’s commitment to remaining ahead of the curve in terms of technology in the gaming industry.

The launch of Supercoin will position us for continued success, as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem. This also underscores our commitment to innovation and the use of advanced technology to position Super Group for sustained growth.

The launch of the stablecoin comes shortly after the group published its latest financial report.