According to Bloomberg, stablecoin startup ZAR has received US$12.9 million in a new round of financing, led by a16z, with participation from Dragonfly Capital, VanEck Ventures, Coinbase Ventures and Endeavor Catalyst.

ZAR plans to test a dollar-backed digital currency using the thousands of mobile phone kiosks, convenience stores, and money agents found in everyday Pakistan. ZAR launched its platform earlier this year. Users can walk into local stores, scan a QR code, and exchange cash for digital dollars in their mobile wallets. The idea is that they can use these virtual currencies in stores without having to learn about stablecoins or blockchain technology. The startup says its wallet is integrated with Visa cards, a globally accepted card.