NEW YORK, Dec. 29, 2020 /PRNewswire/ — GMO Web Inc., the Tokyo-based Web conglomerate, has gained approval from the New York Division of Monetary Providers to determine a restricted objective belief firm, GMO-Z.com Belief Firm, Inc. (“GMO Belief”) and challenge the world’s first regulated JPY-pegged stablecoin (Ticker: GYEN).
To win approval for the belief, the corporate needed to meet stringent necessities for its cybersecurity packages, in addition to meet federal requirements for anti-money laundering and financial sanctions. The approval permits the corporate to launch each JPY-pegged stablecoin (Ticker: GYEN) and USD-pegged stablecoin (Ticker: ZUSD). Each GYEN and ZUSD will be bought and redeemed instantly from GMO Belief. As well as, GMO Belief has partnered strategically with digital asset exchanges that function globally to reinforce the accessibility and liquidity of the tokens.
There are at present different regulated stablecoins, however none are pegged to JPY. Due to this fact, GMO Belief will take the lead in launching the primary regulated JPY-pegged stablecoin together with the US dollar-pegged stablecoin within the U.S., and to be obtainable globally3*, in January, 2021. These digital property will be leveraged by institutional corporations and retail customers for buying and selling, institutional hedging, arbitrage, settlements, and funds. For extra info on GMO Belief, please go to https://stablecoin.z.com/
The stablecoins will:
- Be 100% fiat-backed and at all times redeemable 1:1.
- Be obtainable on exchanges globally among the many most liquid digital property.
- Be powered by Ethereum’s main blockchain-based expertise.
A month-to-month attestation report will likely be disclosed by licensed public accountants to confirm the provision of property to assist the worth of the stablecoins. GMO Belief will challenge and redeem GYEN and ZUSD instantly to cut back charges whereas bettering safety and transparency.
GMO Web Group has been a world market chief within the Web infrastructure, Web finance and digital asset house since its inception in 1991.
It operates the world’s largest on-line FX buying and selling platform, claiming the highest world spot in buying and selling quantity inside the FX house for seven consecutive years. It additionally operates a Japanese Monetary Providers Company (FSA) regulated Web financial institution. In 2017, it launched a digital foreign money alternate regulated by the FSA and a big Bitcoin mining operation. In 2018, it started analysis and growth for the launch of GYEN.
Quotes:
Ken Nakamura, President and CEO of GMO-Z.com Belief Firm, Inc., stated: “We’re breaking floor with our transfer to challenge the primary regulated JPY-pegged stablecoin, which many see as a protected haven asset. However we’re additionally pioneers and innovators on this house who envision constructing new purposes of blockchain expertise that rework our relationship with conventional monetary providers.”
Kurt Bierbower, SVP of Enterprise Growth at GMO-Z.com Belief Firm, Inc., stated: “We search to dramatically cut back execution occasions and develop the digital choices for retail and institutional purchasers in buying and selling, settlements, funds, lending and remittances. However our purpose can be to leverage our 20-year historical past on this house to fulfill the best requirements of reliability and safety as a regulated entity.”
GMO Web Group
GMO Web Group is an Web service trade chief, growing and working Japan’s most generally used area, internet hosting & cloud, ecommerce, safety, and fee options. The Group additionally contains the world’s largest on-line FX buying and selling platform, in addition to internet marketing, Web media, and cryptocurrency associated providers. GMO Web, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For extra info, please go to https://www.gmo.jp/en/
Press Inquiries
James Doyle
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GMO Web Group
Group Communication Division
TEL: +81-3-5456-2695
Electronic mail: [email protected]
GMO-Z.com Belief Firm, Inc.
Electronic mail: [email protected]
Copyright (C) 2020 GMO Web, Inc. All Rights Reserved.
1* “GYEN” is a registered trademark of GMO Web, Inc.
2* “ZUSD” is a trademark of GMO Web, Inc.
3* “GYEN” and “ZUSD” will likely be distributed outdoors Japan and won’t be offered to residents in Japan.
SOURCE GMO Web Group
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