Tokyo-based technology conglomerate GMO Internet Group has just been authorized by the New York Treasury Department (DFS) to issue stable coins denominated in the US dollar and Japanese yen.
Together with 27 companies that have been granted BitLicenses by DFS, GMO can now launch its USD-pegged (ZUSD) and JPY-pegged (GYEN) stable coins after meeting the stringent requirements and federal standards for combating Money laundering have been met.
The company says the stablecoins, which can be purchased directly from the GMO Trust, are 100% supported by Fiat and redeemable at any time. GMO has also established strategic partnerships with cryptocurrency exchange platforms that have a global reach for the launch of the assets.
GMO Internet Group operates one of the world’s largest forex trading platforms and an interbank regulated by the Japanese financial services agency.
After launching a regulated digital asset exchange and a large bitcoin mining operation in 2017, GMO prepared for the launch of the GYEN stablecoin in 2018.
Kurt Bierbower, vice president of business development at GMO Trust, says the company will soon expand the digital asset options available to retail and institutional businesses in a regulated environment.
“We want to drastically reduce execution times and expand the digital options for retail and institutional customers in the areas of trading, settlement, payments, lending and transfers. But it is also our goal to use our 20-year history in this area to meet the highest standards of reliability and safety as a regulated company. “
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Featured image: Shutterstock / Diuno