GMO announced on its website on Tuesday that the firm will start preparations for the planned launch of its stablecoin, dubbed the GMO Japanese Yen (GJY). The internet firm also aims to explore the blockchain remittance and settlement business.
Z.com, a cryptocurrency exchange subsidiary of GMO, will issue the stablecoin to Asian markets in the fiscal year of 2019. The issuance is part of the firm’s efforts to move into the crypto space.
GMO adds that introducing the stablecoin to its crypto offerings would help it settle transactions since GMO also operates mining farms and recently launched a new web banking service in collaboration with Aozara Bank Group. The bank aims to integrate blockchain technology into its system for settling cross-border settlements.
GMO is the latest in a string of notable companies that have launched stablecoins in recent months.
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