LIDAC took place in Africa for the first time this year, and the shift in the room was unmistakable. The audience was filled with institutional asset managers and financial decision‑makers. When this group shows up, it signals that digital assets are moving out of the margins and into mainstream financial strategy.

One moment stood out. The Deputy Minister of Finance opened the event by addressing the contentious draft Capital Flow Management regulations directly. He didn’t indicate where adjustments may land, but the willingness to table the issue and note there are concerns upfront suggests that Treasury recognises how critical regulatory clarity has become for institutional participation.

ZARU and the Domestic Use‑Case Taking Shape
A particularly interesting discussion centred on ZARU, a new Rand‑denominated stablecoin. The panel brought together executives from Lesaka, Sanlam, LUNO, and EasyEquities. That combination alone hints at how broad the ecosystem could become, and inclusive of TradFi heavyweights.

Their shared view was clear: the most compelling use‑case for ZARU may be domestic agentic commerce. Programmable, low‑cost payments embedded directly into everyday transactions could materially shift the economics of South Africa’s payment rails. However we need to see retail merchants (hello eCommerce!) integrate.

The Role of Yield Is More Complex Than It Appears
A Rand stablecoin is not designed to reward savings or investment. According to the proponents, the yield mechanism is intended to incentivise merchant adoption, functioning as a rebate for participating in a more efficient network.

However, once you introduce a fungible digital instrument, you cannot fully control how users repurpose it. A feature designed for merchants can easily become a consumer‑facing incentive. And once that happens, the economics of online commerce begin to shift.

Could This Reshape E‑Commerce Pricing?
If a programmable stablecoin carries even a modest yield component, merchants could redirect that value into lower basket costs, subsidised delivery or new loyalty structures. Traditional payment rails cannot easily replicate this.

We have seen this pattern before. A technology introduced to solve one problem quietly unlocks a much larger behavioural change. Stablecoins were originally framed as a volatility solution. Their programmability may end up reshaping incentives across digital marketplaces.

Where the Industry Stands Now
South Africa is often criticised for slow adoption of new financial technologies. Yet the conversations at LIDAC suggest a more nuanced reality. Institutions are paying attention. Regulators are engaging. Infrastructure players are aligning around practical, domestic use‑cases rather than speculative narratives.

The question is no longer whether stablecoins like ZARU will be used. It is how they will be used, and whether yield‑driven incentives could trigger a deeper transformation in the cost structure of online commerce.
If that happens, the real disruption will not be volatility reduction. It will be a re‑pricing of digital economic activity itself.