Japan’s GMO Internet to Launch Yen-Pegged Stablecoin in 2019

Japanese internet conglomerate GMO Internet Co. Ltd confirmed plans to release a cryptographic stablecoin Tuesday, Oct. 9, pegged to the Japanese yen.

GMO, which entered the Japanese cryptocurrency exchange market in May last year, intends to begin issuing tokens at the start of the 2019 financial year.

The news marks a further potential player in the yen-pegged stablecoin market, with several other corporations signalling their intentions to launch assets of their own in recent months.

GMO confirmed the main impetus behind its decision was to target international remittances.

“The yen-pegged currency collateralized by the Japanese yen is highly likely to be an ideal currency that combines high creditworthiness, low fees and speed of remittance,” the company claimed, adding:

“By issuing the yen-pegged currency, GMO Internet will continue to support borderless transactions with creditworthiness.”

In July, GMO launched its blockchain-powered online bank, a joint venture between several of the company’s subsidiaries and Aozora Bank.

In the U.S., both Gemini and Paxos last month confirmed they would issue USD-backed stablecoins. More recently, PwC announced it would provide tech expertise to decentralized lending platform Cred to deliver transparency to their USD-backed stablecoin.

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