Japanese Internet Giant Receives License to Issue First Yen-pegged Stablecoin
Main page News, Japan, Stablecoins

GMO Internet, a Japanese Internet conglomerate that offers a wide range of services, including domain hosting and online advertising, has just received a license from the New York Department of Financial Services (NYDFS) that allows it to "issue, administer and redeem" Japanese yen (JPY) as well as stablecoins linked to the US dollar in New York, CoinDesk has reported.

The stablecoin linked to the yen, Japan's national currency, will reportedly be the first of its kind to be made available to the public.

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It must be noted the cryptos will begin to be sold outside of Japan as of next month.

Following the granting of the license, GMO has just become one of the 27 companies licensed to operate with virtual currencies in New York State.

GMO has announced it is also teaming up with global digital asset exchanges to ensure the liquidity of virtual currencies.

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