Japan's GMO Internet to Launch Yen-Pegged Stablecoin in 2019

Japanese internet conglomerate GMO Internet Co. Ltd confirmed plans to release a cryptographic stablecoin, Cointelegraph Japan reports Tuesday, Oct. 9, pegged to the Japanese yen.

GMO, which entered the Japanese cryptocurrency exchange market in May last year, intends to begin issuing tokens, dubbed GMO Japanese Yen, at the start of the 2019 financial year.

The news marks a further potential player in the yen-pegged stablecoin market, with several other corporations signalling their intentions to launch assets of their own in recent months.

GMO confirmed the main impetus behind its decision was to target international remittances.

"If that happens, everyone will not be worried like with Tether; it can be said that GMO has a bank there and keeps fiat there."

"By issuing the yen-pegged currency, GMO Internet will continue to support borderless transactions with creditworthiness."

In July, GMO launched its blockchain-powered online bank, a joint venture between several of the company's subsidiaries and Aozora Bank.

In the U.S., both Gemini and Paxos last month confirmed they would issue USD-backed stablecoins.

More recently, PwC announced it would provide tech expertise to decentralized lending platform Cred to deliver transparency to their USD-backed stablecoin.

Kumagai added that GMO would seek to list GJY on "Multiple" international exchanges.