GMO has begun preparations to issue the stablecoin "GMO Japanese YEN" for the year 2019
GMO Internet announced on October 9 that it will commence full-scale preparations to issue the stablecoin “GMO Japanese YEN (ticker symbol: GJY)” pegged to the Japanese yen in the Asia region.
While common cryptocurrencies exhibit very high volatility and lack price stability as currencies, stablecoins are designed to maintain a stable price or value over a certain period, resulting in lower volatility.
Stablecoins can be categorized as “fiat-collateralized,” “cryptocurrency-collateralized,” or “uncollateralized.” The GMO Japanese YEN that GMO Internet will issue is a fiat-collateralized “yen-pegged currency” backed by Japanese yen, and they are reportedly considering a currency board system.
The issuance is planned for the fiscal year 2019, with issuance targeting the Asia region.
