[New Zealand Regulator Rules Stablecoin NZDD Is Not a Financial Product] According to Cointelegraph, the New Zealand Financial Markets Authority (FMA) has ruled that the stablecoin NZDD, which is pegged to the New Zealand dollar, is not a financial product. The FMA stated that this determination directly stems from its ongoing fintech sandbox pilot, as the economic substance of NZDD does not constitute debt securities, is not an investment, and holders do not receive any income, interest, or other returns. The law firm representing ECDD Holdings, the issuer of NZDD, in the FMA sandbox noted that this ruling is an important step toward regulatory clarity for stablecoins in New Zealand. However, it emphasized that the determination applies only to specific products and versions of NZDD and does not constitute a universal ruling on the regulatory treatment of all stablecoins.