Japan’s GMO Licensed for Yen-Pegged Stablecoin in New York

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Tokyo-based tech giant GMO Internet Group has just been approved by the New York State Department of Financial Services (DFS) to issue stablecoins related to the US dollar and the Japanese yen.

Combined with 27 companies that have been issued BitLicenses by the DFS, GMO will now unleash its USD-pegged (ZUSD) and JPY-pegged (GYEN) stablecoins, which follow specific criteria and meet federal guidelines for anti-money laundering.

The organisation claims the stablecoins, which can be acquired directly from the GMO Trust, are 100% fiat-backed and can be recycled at all times. GMO also maintains that it has formed strategic relationships with cryptocurrency trading networks that have global scope for the launch of properties.

The GMO Internet Group runs one of the largest forex trading sites in the world and an interbank controlled by the Japanese Financial Services Regulator.

After introducing a managed digital asset platform and a big bitcoin mining activity in 2017, GMO started planning for the launch of GYEN stablecoin in 2018.

RECOMMENDED READ:  Nearly 75% of Fortune 100 firms have explored blockchain initiatives

GM Trust Vice President of Corporate Development Kurt Bierbower says the firm will soon be expanding the variety of digital assets available for retail and institutional use in a controlled environment.

“We seek to dramatically reduce execution times and expand the digital options for retail and institutional clients in trading, settlements, payments, lending and remittances. But our goal is also to leverage our 20-year history in this space to meet the highest standards of reliability and security as a regulated entity.”

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