Japanese Internet Titan Joins The Stablecoin Race With Own Stablecoin For 2019

It looks like the stablecoin craze won't be ending any time soon, with Japanese giant GMO as the latest to join the race, planning to launch a yen-backed cryptocurrency in 2019.

GMO Stablecoins

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.

GMOGMO 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.

IBM, Paxos, Gemini, and Circle have all announced plans to launch their own stablecoins while Grandshores Technology Group also revealed plans to launch a Japanese Yen-backed stablecoin.

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Japanese Internet Titan Joins The Stablecoin Race With Own Stablecoin For 2019
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Japanese Internet Titan Joins The Stablecoin Race With Own Stablecoin For 2019
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It looks like the stablecoin craze won't be ending any time soon, with Japanese giant GMO as the latest to join the race, planning to launch a yen-backed cryptocurrency in 2019.
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Ibinex News
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