Home Alt Coins Japanese Technology Conglomerate GMO to Unveil Yen-Pegged Crypto Stablecoin

Japanese Technology Conglomerate GMO to Unveil Yen-Pegged Crypto Stablecoin

6 min read

Japanese web big GMO Internet has announced that it’s going to launch a stablecoin pegged to the yen subsequent yr.

According to the founder and president of GMO Internet, Masatoshi Kumagaii, the stablecoin which might be often known as GMO Japanese Yen (GJY) might be issued in Asia. It is predicted that the property backing the stablecoin might be saved in Japan the place the tech agency already has banking licenses.

Cross-Border Transactions

Besides aiding GMO Internet in branching into the remittance and settlement enterprise, the yen-pegged stablecoin might be instrumental in serving to the tech conglomerate settle transactions for its different enterprise together with the cryptocurrency mining farms that it operates. Other than the crypto mining arm of the enterprise which started operations final yr in December, GMO Internet additionally makes cryptocurrency mining {hardware}. Additionally, GMO Internet additionally runs a cryptocurrency change which was launched in May 2017.

The announcement by GMO Internet comes at a time when the variety of stablecoins is rising. While Tether continues to be the dominant stablecoin globally, GMO Internet estimates that the variety of stabelcoins at present stands at round 57 with 23 of them already in circulation.

One of the latest stablecoins available on the market is the USD Coin (USDC), developed by Circle, a cryptocurrency and blockchain know-how startup. Pegged to the U.S. greenback, the USDC had bagged the assist of 30 companions on the time of the launch and this included cryptocurrency exchanges. Leading cryptocurrency pockets companies equivalent to Ledger, BitGo and Coinbase additionally introduced native assist for the stablecoin.

While lauding the event, Circle’s co-founders, Sean Neville and Jeremy Allaire, in contrast the transformative impression of blockchain know-how and cryptocurrencies to the web:

“Just as HTTPS, SMTP and SIP enabled free borderless information sharing and communications, crypto assets and blockchain technology will enable us to exchange value and transact with one another in a similar way: instantly, globally, securely and at low cost.”

AUD-backed Stablecoin

In the identical month Australian cryptocurrency change Bit Trade and blockchain employment platform, Emparta, had introduced a partnership aimed toward growing an Australian dollar-pegged stablecoin which might be unveiled in 2019.

Still, in September, Gemini, the cryptocurrency change began by the Winklevoss twins unveiled the Gemini dollar (GUSD), introduced a stablecoin pegged to the US greenback. And in July a San Francisco, California-based monetary establishment, Stronghold, revealed that it had developed a stablecoin pegged to the greenback. Unlike most different stablecoins which exist on the Ethereum blockchain, Stronghold’s stabelcoin was built on the Stellar network.

Other corporations that are engaged on stablecoins embrace a16z, a startup that has obtained enterprise funding from Silicon Valley legend Andreessen Horowitz, amongst others. Paxos, an institutional cryptocurrency change operator, additionally lately acquired the greenlight from the New York Department of Financial Services to launch a US dollar-pegged stablecoin tentatively named the Paxos Standard.

Featured picture from Shutterstock.

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