Main page News, China, Stablecoins

The Chinese company Grandshores Technology Group will launch a stablecoin backed to the yen. Li Xiaolai will be responsible for creation of this system, who was hired as executive director.

According to the South China Morning Post, the coin is scheduled to launch in February. In addition to developing the stablecoin ecosystem, Li Xiaolai will be responsible for Blockchain-related initiatives for the company. His term of work is not specified, Li will hold office at least until the next annual general meeting of the company, which is scheduled for August 2019.

Grandshores Technology Group is associated with a fund of $1.5 billion, which is sponsored by the authorities of the Chinese city of Hangzhou. The company is engaged in construction contracts, but in May announced plans to work with Blockchain and mining.

The sphere of stablecoins is actively developing, since spring about 10 new coins have entered the market, which almost immediately became popular and entered into large crypto exchanges. Even a large company like IBM announced about testing its own stablecoin.

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