GMO Internet Inc Receives Approval for First Ever JPY-Pegged Stablecoin

GMO Internet Inc, a group self-described as Japan’s “internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, ecommerce, security, and payment solutions,” has gotten the approval of the New York Department of Financial Services to “establish a limited purpose trust company,” according to a press release from both groups.

This trust will be called the GMO-Z Trust Company, Inc., and it will “issue the world’s first regulated JPY-pegged stablecoin.”

Sharing some thoughts on the matter is Ken Nakamura, President and CEO of GMO-Z.com Trust Company, Inc, who said:

“We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset. But we are also pioneers and innovators in this space who envision building new applications of blockchain technology that transform our relationship with traditional financial services.”

Kurt Bierbower, SVP of Business Development at GMO-Z.com Trust Company, Inc., also shared some thoughts:

“We seek to dramatically reduce execution times and expand the digital options for retail and institutional clients in trading, settlements, payments, lending and remittances. But our goal is also to leverage our 20-year history in this space to meet the highest standards of reliability and security as a regulated entity.”