Major Japanese Internet Company To Issue Stablecoin Pegged To Yen
Japanese IT giant GMO Internet announced the plans to launch stablecoin pegged to the yen in 2019, Coindesk reports.
Experts of the Tokyo company stated that they are starting preparations for the release of a new stablecoin – the GMO Japanese Yen (GJY). The developers intend to introduce GJY in the Asian market in 2019 through the Z.com platform, a crypto exchange established by GMO in order to expand its activities in the crypto sphere.
According to the company representatives, the introduction of GJY will allow them to organize maintenance of mining farms, as well as to regulate the transactions of their web bank, launched jointly with Aozora Bank Group. The new bank will use blockchain technologies to provide the international transactions.
It is stressed that the majority of large companies have already launched their stablecoins pegged to the national currency to maintain a stable value of digital coins. In September, the Gemini crypto exchange, the Paxos blockchain startup, and Circle, a payment crypto system developer, presented stablecoins pegged to the US dollar, which are now available on the crypto market.
The Japanese Internet company is not the only one to issue stablecoins in 2019. The founding partners of Xiong'An, a billionth blockchain fund from China, also announced plans to launch crypto coins pegged to the yen.
As previously reported, the Binance crypto exchange has launched a new trading pair of ether and Paxos Standard stablecoin.