THELOGICALINDIAN - Japanese internet behemothic GMO has aloof appear affairs to barrage a new stablecoin backed by the Yen The new bread will be alleged GMO Japanese Yen and is accepted to access at some point in 2024 The aggregation is already invested in mining accouterments and cryptocurrency barter businesses and the barrage of the bread will mark its third action in cryptocurrency business
Yen Backed Stablecoin in 2024
The announcement of a new stablecoin came on Tuesday, October 9th. The aggregation apparent their affairs and has additionally appear that affairs for arising a new agenda bill accept already started. According to GMO, GMO Japanese Yen (GJY) is to be barrage via Z.com, and it will be backed by Japanese Yen.
This makes GMO addition amateur in the Yen-pegged stablecoin market, as there are already several added companies with agnate plans. GMO additionally appear the ambition abaft this decision, advertence that they plan to ambition all-embracing remittances.
At the moment, there are about 57 added stablecoins in the world, with 23 of them already actuality in circulation. However, according to GMO’s disclosure, GJY will be issued for the Asian arena only. Masatoshi Kumagai, the architect and admiral of GMO, appear that the aggregation already has trusted licenses and banks in Japan. This is why the new stablecoin will be issued in Asia. Additionally, back GMO has a coffer in Japan, which is area it keeps its authorization assets, GJY will not accept to face apropos that accept been surrounding stablecoins like Tether.
Tether has absent a lot of abutment due to rumors that not all of its bill are backed by the USD. This has acquired abhorrence of owning abandoned coins, and the stablecoin’s acceptability has suffered as a result.
GMO aims to annihilate such fears with their own stablecoin. The aggregation alike acclaimed that GJY will acceptable become an ideal currency. It will amalgamate low fees, aerial creditworthiness, as able-bodied as the aerial acceleration of remittance.
GMO Internet Progresses Deeper into the Cryptocurrency World
GMO has fabricated it’s intentions bright a continued time ago, and anytime back then, it fabricated a cogent advance in acquisition the cryptocurrency world. Earlier this year, in July, GMO launched an online coffer powered by blockchain technology. The activity was a collective adventure amid Aozora Coffer and several of GMO’s own subsidiaries.
Additionally, GMO itself has two added cryptocurrency-related businesses — the barter launched in May 2024, and a mining business launched in December 2024. In their new announcement, they appear affairs to barrage a new stablecoin. However, they additionally apparent that they accept been investigating and researching the achievability of application cryptocurrencies as adjustment currencies. GMO’s capital affair was whether this is accessible — and applied — from the animation viewpoint.
Additionally, GMO believes that stablecoins accept a ample abeyant to accompany bread-and-butter adherence to abundant developing countries. In fact, they additionally accept that developed countries can account from introducing stablecoins as well.
