GMO announced that it would issue a stablecoin pegged to the Japanese yen, 【GMO Japanese YEN】, in 2019.

GMO announces issuance of Japanese yen-linked stablecoin 【GMO Japanese YEN】

GMOInternet, Inc. announced on October 9 on its website that it plans to issue a stablecoin linked to the Japanese yen, 【GMO Japanese YEN】 by around 2019.

GMO Internet, Inc. (hereinafter GMO Internet) is preparing in earnest to issue a stablecoin that maintains price stability, aiming at expanding into the "payments" space within the virtual currency business.

A stablecoin is a virtual currency whose price stability is supported mainly by backing with fiat currencies, etc.

GMO Internet intends to offer a “yen-pegged currency” linked to the Japanese yen, through the unified brand (global brand) “Z.com” of the GMO Internet Group’s overseas strategy, and will begin issuing it in the Asia region with the ticker symbol: GMO Japanese YEN (GJY) by fiscal year 2019, as indicated on its homepage.

GMO Internet positions the virtual currency business as a strategic area, and has already operated in virtual currency exchange and mining businesses. With the issuance of this “yen-pegged currency,” the company will support borderless trading of virtual currencies.

Quotation:GMO Internet, Inc. Official News

A tweet was also posted on the Twitter account of GMO Internet, Inc. CEO Masatoshi Kumagai.

Points to note are.........Continue here ⇩

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