Japan’s GMO Internet Group has introduced plans to difficulty a yen-pegged stablecoin referred to as GMO Japanese Yen. Already within the crypto change and mining hardware companies, the corporate plans to launch its third crypto enterprise with this stablecoin.
GMO Internet Group introduced Tuesday that it “will start full-scale preparations to issue stable coins of virtual currency, with an eye to enter into the ‘settlement’ area of virtual currency business.” The firm detailed:
‘GMO Japanese Yen (ticker symbol: GJY)’ [will be launched] by means of the unified model (international model) ‘Z.com’ within the abroad technique of the GMO Internet Group. [It will be a] ‘yen-pegged currency’ linked with the Japanese yen.
Noting that there are already 57 stablecoins on the earth, 23 of that are already in circulation, GMO disclosed that “We plan to start issuing [the stablecoin] for the Asian region around the fiscal year 2019.”
Third Crypto Business
Currently, GMO has two companies within the crypto area: the trade enterprise which began in May final yr and the mining enterprise which began in December. In its earnings presentation revealed in August, the corporate outlined one other crypto enterprise space it seeks to enter referred to as “cryptocurrency payment.”
In Tuesday’s stablecoin announcement, GMO revealed that it has been “investigating and researching whether the virtual currency could be the settlement currency from the viewpoint of volatility.”
GMO’s Hope for Its Stablecoin
According to GMO, so as to remedy the hyperinflation drawback seen in lots of creating nations, “issues such as true non-centralization need to be overcome.” The agency asserted that stablecoins could be a answer to this drawback “as a currency to replace low-credit domestic currencies.” The agency additionally believes that even in developed nations, stablecoins have “a potential to become a global standard innovative financial infrastructure.”
Referring to its yen-pegged crypto, GMO described:
One of the duties is to stabilize worth fluctuation (volatility), which is a danger to remittance and settlement, so as to improve the spreading and improvement of the digital foreign money.
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Images courtesy of Shutterstock and GMO Internet Group.
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