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Japan’s GMO Internet To Launch A Yen-Pegged Stablecoin

Japan’s GMO Internet is on its way to launch stablecoin. Japanese IT conglomerate, on Tuesday, October 9, said that it is putting up all efforts to build stablecoin – GMO Japanese Yen (GJY).

In May, last year, GMO entered into the Japanese cryptocurrency exchange market with a motive to issue tokens, dubbed GJY, during the financial year in 2019.

GJY through Z.com, a cryptocurrency exchange subsidiary launched by GMO, will penetrate the market of Asia if the year 2019 is in full waves.

The company came into news back in 2017 when they announced the open doors for a salary that allows employees to earn half of what they’re earning in bitcoin.

Masatoshi Kumagai, Founder and President of GMO, said that they have trust licenses and banks in Japan, so they will issue GJY in Asia as well as they can store assets in Japan. He further added that if that happens, people won’t be worried like with Tether – a USD-backed stablecoin. Kumagai believes that his company is headed in the right direction to avoid issues with tether.

GMO Internet noted GJY to be highly likely to be an ideal currency which combines low fees and remittance speed. It will continue supporting borderless transactions by issuing the yen-pegged currency.

Months back, GMO launched an online bank which is blockchain powered and a joint venture between Aozora Bank and company’s subsidiaries. In recent months, GMO joins companies to have issued stablecoins.

In July, as per IBM, it collaborated with Stronghold and Stellar protocol on a stablecoin which is U.S. dollar pegged. In the same layer, Gemini, Paxos and Circle announced U.S dollar-pegged stablecoins. Moreover, PwC announced to provide lending platform tech expertise in order to deliver transparency to the stablecoin that are USD-backed.

Kumaga, in the end, added that GMO would list GJY on numerous international exchanges.

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