GMO Internet Takes Step Closer to Its Own Digital Asset
Main page News, Fintech, Tech, Japan, Stablecoins

Japanese top Internet company GMO Internet, Inc. has announced it is preparing for the launch of a Japanese yen-pegged stablecoin GMO Japanese YEN (GYEN) in the first half of the next year.

GMO Confirmed the Launching of a Yen-Backed Stablecoin

According to the official announcement, the company plans to support borderless trading, payments, remittance leveraging with the help of the upcoming asset.

"GMO Internet Group positions its cryptocurrency business as a strategic business sector and launched its cryptocurrency exchange in May 2017 and its cryptocurrency mining operation in December 2017, both of which were launched in Japan," the announcement states.

Previously iHodl reported that at least 80 Japanese banks have shown interest to join JPMorgan's blockchain network called Interbank Information Network.

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