GMO-Z.com Trust Company (“GMO Trust”), a New York subsidiary of GMO Internet Group, the Tokyo-based Internet and Finance conglomerate, has launched the world’s first regulated JPY-pegged stablecoin, (Ticker: GYEN), as part of a move to digitize the most traded currencies and fuel blockchain technology.
With the launch, GMO Trust delivers a digital asset that meets the stringent standards of federal banking regulations and is backed by one of the world’s most popular currencies.
GMO Trust joins the ranks of Paxos, Gemini, Coinbase Custody, NYDIG, Bakkt and Fidelity Digital Assets as the seventh company to be granted a limited purpose trust charter by the New York Department of Financial Services to offer a stablecoin, which occurred on December 29, 2020.
Institutional firms and retail traders can leverage GYEN for trading, institutional hedging, arbitrage, settlements and payments with lower fees and near instant settlement.
The stablecoins are 100% fiat-backed and always redeemable 1:1. They are powered by Ethereum’s leading blockchain-based technology. They are available on exchanges globally among the most liquid digital assets.
Ken Nakamura, President and CEO of GMO-Z.com Trust Company, Inc., said: “For GMO Trust, this is much more than just the launch of stablecoins. We believe regulated, fiat-backed stablecoins are the first digital assets to be used by tier one financial firms, which will greatly expand the size and use cases within the digital asset market overall.”
Tokyo-based GMO Internet, Inc., the parent company of 100 group companies including GMO Trust, is a global market leader in the Internet infrastructure, traditional finance and digital asset space.