New Zealand's Financial Markets Authority (FMA) has opened a consultation proposing to exempt compliant New Zealand dollar payment stablecoins from being classified as financial products under the Financial Markets Conduct Act. The regulatory pathway would use a class designation for stablecoins that are fully backed by NZD held in a New Zealand-registered bank and redeemable at par. FMA General Counsel Liam Mason stated that stablecoins are generally designed more like a means of payment than an investment. The regulator emphasized that no final decisions have been made, describing the proposal as an interim measure while broader digital asset regulatory work continues. The consultation period closes on December 18.