Despite the value of NZD dropping in value quickly against the US dollar, the market capitalization of NZDS has risen in US dollar terms in the last two weeks. Since April 27th, there have been 6 minting events for NZDS totalling 550,000 NZDS and one burn equalling 150,000 NZDS. This equals a net issuance of 400,000 NZDS.
There has been steady external demand to convert fiat NZD to NZDS. The supply of NZDS slipped to below 7 million after a number of consecutive redemptions, however, following a number of minting events in the last 2 weeks, there are now more than 7 million NZDS in circulation once again.