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GMO internet launches a Japanese Yen- Pegged Stablecoin

GMO internet launches a Japanese Yen- Pegged Stablecoin

October 11, 2018 7:16 am,

GMO internet group is all set to launch a Yen pegged stablecoin called the GMO Japanese Yen (GJY) by 2019. The GJY will look to penetrate the Asian market through is the Cryptocurrency exchange subsidiary which was launched by GMO to penetrate the Cryptocurrency industry.

GMO already has two businesses in Crypto space, the exchange business which started in May last year and the mining hardware business which started in December. Now, the company plans to launch its third crypto enterprise with its stablecoin to support borderless Cryptocurrency transactions.

According to GMO founder and President Masatoshi Kumagai, stablecoin can be a solution to the problem of hyperinflation which is seen in many developing countries. Stablecoin is a currency to replace low credit and unreliable domestic currencies. Even in developed countries stablecoin have a potential to become a global standard innovative financial infrastructure. Yen-pegged currency backed by the Japanese yen has high potential to be an ideal currency with high reliability as well as low remittance fee and fast transaction speed which are distinct advantages of Cryptocurrencies.

GMO is also interested in bridging the gap of international remittances through its financial corporations in Japan. This can be done as there are banks and trust licenses in Japan, so GJY can be issued in Asia, but can be stored in Japan as well.

About GMO Internet Group:-

GMO Internet Group is an Internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, e-commerce, security, and payment solutions. The Group also includes the world’s largest online FX trading platform, as well as online advertising, Internet media, and Cryptocurrency related services. GMO Internet is headquartered in Tokyo, Japan.

About the stablecoin Yen-pegged currency:-

There are mainly three categories of stablecoin: “fiat-collateralized,” backed by legal currencies, “crypto-collateralized,” backed by other Cryptocurrencies, and “non-collateralized,” not backed by any assets but stabilized with a smart contract mechanism. GMO Internet is now preparing to launch a fiat-collateralized stablecoin backed by the Japanese yen (Yen-pegged currency) and considering adopting a currency board arrangement.