venture capital giant Andreessen Horowitz (a16z) led a $12.9 million financing to support the financial technology startup ZAR in Pakistan to promote a US dollar-backed stablecoin. Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst participated in this round of financing.

ZAR innovatively distributes stablecoins through local convenience stores, phone booths, and remittance agent outlets. Users only need to scan a QR code at participating stores to exchange cash for stablecoins stored in a mobile wallet and connect to a globally usable Visa card. This model is specifically aimed at over 100 million unbanked adults in Pakistan, without the need for users to understand blockchain or encryption technology.