Super Group, the New York-listed owner of online betting brand Betway, has launched a South African rand-backed stablecoin as it pushes deeper into digital payments and looks to reduce the high cost of traditional banking across Africa.
The ZAR Supercoin, issued through the company’s new South African division Super Money SA, is backed 1:1 with rand held in custody by ABSA Group. The token will operate on the Solana blockchain and use Fireblocks and Chainalysis for tokenisation and compliance, the company said. It will debut on the Luno crypto exchange before rolling out to other platforms.
Super Group said the stablecoin will initially be used as a payment method for Betway transactions, part of a wider strategy to integrate digital assets into its product ecosystem and tap into Africa’s fast-growing stablecoin market, estimated at around $100 billion annually.
