Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook Follow The Paypers on Google +
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

GMO Internet to launch a Yen-pegged stablecoin in 2019

Wednesday 10 October 2018 | 11:03 AM CET

GMO Internet has started full-scale preparations to launch a stablecoin, a cryptocurrency with stable value, in Asian countries in 2019.

Stablecoins are price-stable cryptocurrencies whose values are backed mainly by legal currencies. The company aims to roll out the Japanese yen-pegged currency "GMO Japanese YEN (ticker symbol: GJY)" through Z.com, the global brand for overseas strategies of GMO Internet Group, in Asian countries in 2019.

GMO Internet is already engaged in cryptocurrency exchange business and cryptocurrency mining business. However, starting with the launch of the new "Yen-pegged currency," the company aims to support borderless cryptocurrency transactions.

There are mainly three categories of stablecoins: "fiat-collateralized," backed by legal currencies, "crypto-collateralized," backed by other cryptocurrencies, and "non-collateralized," not backed by any assets but stabilized with a smart contract mechanism. GMO Internet is now preparing to launch a fiat-collateralized stablecoin backed by the Japanese Yen (Yen-pegged currency) and considering to adopt a currency board arrangement, according to online publication BenZingA.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement