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Home Cryptocurrency News GMO announces stablecoin tethered to Japanese yen

GMO announces stablecoin tethered to Japanese yen

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GMO Internet, a Japanese online conglomerate, confirmed its plans to issue a stablecoin tethered to the Japanese yen.

GMO, which in June announced ASIC miners based on 7-nm chips, and in September presented a platform for cryptocurrency trading, intends to begin the issue of stablecoins at the beginning of the 2019 financial year (in Japan it starts on April 1). In a statement, GMO notes that the main incentive for the development of stablecoin will be international money transfers:

The currency provided by the Japanese yen is likely to become the ideal combination of high creditworthiness, low commission, and transfer speed.
Thus, in a rapidly developing market, one should expect another serious player.

Recall that this year the dollar-bound stablecoins have already released TrustToken, Circle and Gemini, the London Block Exchange startup has announced the release of a cryptocurrency secured by the British pound sterling, and the Maltese platform STASIS launched the stablecoin on the Ethereum tethered to the euro. Swiss companies Eidoo and Tiberius have announced coins provided with precious metals. Also in August, the Liechtenstein Union Bank announced its readiness to develop and bring to market the coins provided by the Swiss franc.

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