Rand stablecoin ZARU checkout spending rises 2.6 times in three months

Checkout spending in ZARU, a rand-backed stablecoin issued by BlockTower South Africa, rose to R1.28 million in September from R484,207 in June, according to data from crypto payments firm MoneyBadger.

Growth slowed to 10.6% between August and September, and the rise was helped by a Luno Pay cashback campaign. ZARU accounts for 7.7% of checkout spending on the network so far in 2026, behind bitcoin at 39.9% and USDT at 36.1%.

Rand stablecoins record growing retail payment activity

Two rand-pegged digital currencies, ZARU and ZARsc, are gaining traction in South Africa’s retail payment ecosystem, according to transaction figures published by MoneyBadger.

ZARU, issued by BlockTower South Africa, recorded approximately R1.27 million in checkout transactions during September 2026. This represents a substantial increase from the R484,207 recorded in June.

The September figure was also 10.6% higher than August’s transaction value, suggesting that the increase was not limited to an initial adoption period.

The growth appears to have been supported partly by promotional activities, including a cashback campaign facilitated through Luno Pay and workplace incentive programmes that encouraged employees to use the digital currency.

However, the continued increase in transaction activity suggests that the asset’s utility may be extending beyond promotional incentives.

ZARU entered the market in February 2026 through a consortium involving BlockTower, Luno, EasyEquities, Lesaka and Sanlam Specialised Asset Management. Its underlying rand reserves are managed by Sanlam and held with Standard Bank and Absa.

The reserve structure also includes monthly agreed-upon procedures conducted by Moore Johannesburg, with reports made publicly available. This arrangement is intended to provide additional transparency around the backing of the digital asset.

ZARsc enters the competition as adoption develops

While ZARU currently accounts for a larger share of retail transactions, another rand-backed digital currency, ZARsc, is beginning to establish its position in the market.

Issued by Supercoin, which operates under South Africa’s Financial Sector Conduct Authority (FSCA) licence FSP 53458, ZARsc recorded R4,408 in MoneyBadger checkout transactions in September 2026.

Although the figure remains relatively small compared with ZARU, it represents a 286.9% increase from August’s transaction value. Its cumulative checkout volume reached R40,216 by September 30, 2026.

Supercoin has initially concentrated on expanding the token’s availability through cryptocurrency exchanges. Its supported trading platforms include VALR, Luno, OVEX and Orca, a decentralised exchange operating within the Solana ecosystem.

The company is also preparing to introduce a dedicated consumer wallet in early 2027, which could improve accessibility and create additional opportunities for everyday payments.

While ZARU has focused on institutional partnerships, payment incentives and merchant adoption, Supercoin has prioritised exchange accessibility before expanding into consumer-facing payment services.

The next phase of competition will likely depend on which issuer can attract more users, establish stronger merchant relationships and maintain confidence in its reserve arrangements.

MoneyBadger network highlights the payment potential

The increasing adoption of Rand stablecoins is taking place alongside broader expansion across MoneyBadger’s payment infrastructure.

According to the network’s figures, overall payment volume during the first six months of 2026 nearly doubled compared with the corresponding period in 2025. The total rand value processed also increased by 176%.

Merchant participation expanded considerably, rising from 57 locations in August 2025 to 2,927 locations by August 2026.

The network’s transaction breakdown provides further insight into consumer preferences. Bitcoin accounted for 39.9% of checkout spending in 2026 to date, while USDT represented 36.1%. ZARU contributed 7.7%.

Combined, ZARU and ZARsc reportedly accounted for approximately 44% of total transaction value, according to the article’s reported figures.

The payment structure is particularly relevant to small everyday purchases. MoneyBadger reported that half of its transactions were below R200, while 87% were valued at less than R1,000.

Its August 2026 benchmark also recorded a median scan-to-payment completion time of 35 seconds or less.

Aleks Andjelopolj, chief commercial officer at BlockTower, highlighted the potential for institutional partnerships and payment incentives to support adoption.

The growing use of Rand stablecoins could therefore provide opportunities for businesses seeking blockchain-based payment solutions without exposing merchants directly to cryptocurrency price fluctuations.

Regulatory oversight and investor considerations

Despite the encouraging transaction figures, the expansion of Rand stablecoins remains subject to regulatory, operational and competitive considerations. Both ZARU and ZARsc operate under the oversight of South Africa’s FSCA as Crypto Asset Service Providers.

South Africa previously brought crypto assets within the regulatory framework of the Financial Advisory and Intermediary Services Act, establishing clearer requirements for businesses providing cryptocurrency-related services.

Neither ZARU nor ZARsc has been granted legal tender status simply because its issuer operates under an FSCA licence. The ability to convert these tokens into conventional bank funds also depends on the redemption arrangements established by their respective issuers.

USDT and USDC continue to dominate much of the global stablecoin market, benefiting from established liquidity, international exchange listings and broader acceptance across cryptocurrency platforms.

By maintaining exposure to the rand, these assets can reduce the foreign-exchange complications associated with using dollar-denominated digital currencies for domestic transactions.

MoneyBadger’s merchant settlement model also addresses an important practical challenge. Participating merchants receive payments in rand regardless of the cryptocurrency or stablecoin used by customers.

Merchant transaction volumes, reserve transparency, redemption reliability, liquidity and regulatory developments remain important factors when assessing the long-term prospects of individual stablecoin projects.

What comes next for South Africa’s stablecoin market?

The next stage of development will depend on whether the current transaction growth can translate into sustained consumer adoption.

Supercoin’s planned consumer wallet launch in early 2027 represents one important milestone. Its success could help move ZARsc beyond exchange-based activity and into everyday payment applications.

Meanwhile, the expansion of Luno Pay’s cashback initiatives and additional retail partnerships could further strengthen ZARU’s position within the MoneyBadger ecosystem.

BlockTower is also looking beyond South Africa, with planned expansion into other African and Asia-Pacific markets. Such developments could potentially create additional opportunities for cross-border payments and settlement services.

The reported growth also provides investors with an opportunity to monitor an emerging segment of the digital asset industry where commercial adoption, rather than token speculation alone, is becoming an important measure of progress.

The market remains relatively young, and sustained growth will depend on regulatory clarity, reliable redemption mechanisms, transparent reserves and meaningful consumer demand.

If these conditions are maintained, Rand stablecoins could become an increasingly important component of South Africa’s digital payment infrastructure.

MoneyBadger’s transaction figures provide an early indication that local-currency stablecoins are beginning to establish a practical role in the country’s evolving cryptocurrency ecosystem.