Andreessen Backs Startup Exploring Stablecoins in Pakistan (1)

Andreessen Horowitz is leading funding for a year-old startup that seeks to popularize the use of stablecoins through neighborhood stores in Pakistan and other emerging countries.

ZAR secured $12.9 million in a financing round joined by Dragonfly Capital, VanEck Ventures, Coinbase Ventures and Endeavor Catalyst, the firm said in a statement. It aims to test dollar-backed digital coins for Pakistan, which the World Bank estimates has the third-largest unbanked population on the planet. Unlike other companies that aim to popularize stablecoins through large retail or financial platforms, ZAR hopes to enlist the thousands of mobile phone kiosks, convenience stores ...