On Tuesday, Oct. 9, Japanese internet company GMO Internet Co., Ltd. revealed its intentions to launch a yen-pegged stablecoin in 2019.
GMO, which has recently entered the Japanese cryptocurrency exchange market, will compete with several other companies intending to launch the same asset. The main concern of GMO in issuing a stablecoin is 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 stated. “By issuing the yen-pegged currency, GMO Internet will continue to support borderless transactions with creditworthiness.”