Introduction
Inves Capital, the issuer of the ZARP Stablecoin, has introduced ZARPY, a yield-bearing digital token for institutions holding rand-denominated liquidity. The company announced the product on 25 October 2026.
ZARPY gives approved institutional partners real-time rand yield on their ZARP balances for exactly as long as those balances are staked. Yield is benchmarked to the Old Mutual Money Market Fund, and partners can unstake at any time without a minimum holding period.
The Gap in Short-Term Rand Liquidity
South African institutions typically hold cash they want safe, liquid and earning a return in money market funds. According to ZARP, these funds process subscriptions and redemptions on business-day cut-offs and settlement cycles.
Newer digital alternatives usually calculate yield from a single daily snapshot. As a result, rand needed again within hours, or held between trades overnight, typically earns little or nothing.
ZARP says ZARPY addresses this gap. It describes the product as a way for treasuries to stop choosing between earning a money market rate and keeping cash available.
How ZARPY Delivers Real-Time Rand Yield
An approved partner stakes ZARP into the ZARPY smart contract and receives ZARPY on a one-for-one basis. There is no minimum amount.
Yield starts accruing the moment ZARP is staked and builds second by second, 24 hours a day, 365 days a year, including weekends and public holidays. Inves Capital sets the rate using the Old Mutual Money Market Fund’s published rate as a benchmark, less a service fee. A partner who stakes for one hour earns one hour of yield at that day’s rate.
Partners can return ZARPY at any time and receive their ZARP back one-for-one, on-chain and immediately. There is no lock-up and no fixed term.
Earned yield is recorded automatically and is never forfeited. Partners claim it as additional ZARPY whenever they choose, and claimed ZARPY also earns yield, so partners can compound as often as they wish.
A Permissioned Product for Institutions
ZARPY is not a retail or open decentralised finance product. It is available only to ZARP Partners that Inves Capital has verified and separately approved for ZARPY.
Approved partners may stake ZARP regardless of how they acquired it.
Safeguards and Risk Disclosures
Every ZARPY can be unstaked for one ZARP, and staked ZARP is held in the ZARPY smart contract. ZARP itself is backed by reserves managed by Old Mutual Wealth.
The smart contract can only create yield up to the returns that Inves Capital’s reserves have actually earned, as confirmed by independent attestation. Reserves are independently attested, and smart contracts are audited before deployment.
ZARP’s disclosures also set out the product’s limits. ZARPY holders are unsecured creditors of Inves Capital and have no ownership of, or claim on, the reserves, the money market fund or any other assets. ZARPY is not a bank deposit and is not insured. Yield is not guaranteed, can be zero, and past rates do not indicate future rates.
ZARP Stablecoin (Pty) Ltd provides some of its services as a representative of Inves Capital, whose crypto asset service provider licence is pending.
ZARPY is currently in a live pilot with approved partners. ZARP has invited existing partners to join the pilot, while other institutions can begin by applying to become ZARP Partners.