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Japan’s GMO Internet To Issue Yen-Pegged Stablecoin

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Tue, 10/09/2018 - 17:07
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Paul Hackley
Japanese company GMO Internet Co., Ltd. revealed its intentions to launch a yen-pegged stablecoin in 2019. GMO's main concern is to target international remittances
Japan’s GMO Internet To Issue Yen-Pegged Stablecoin
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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.”

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About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.