Japan-based big fish in the IT industry – GMO Internet – is about to launch its own stablecoin in 2019. The asset is said to be pegged to the Japanese yen.
The company plans to bring out the new coin GMO Japanese Yen (GJY) to Asia via its exchange department Z.com. Notably, the latter was created under a large-scale project for joining the crypto sector.
GMO Internet representative made a statement today that the project team is getting ready for the launch. GJY is said to be used for GMO's own blockchain-based transactions since the holding is an operator of mining farms. In addition, another application of the stablecoin will be cross-border transactions via joint web banking business with Aozora banking group.
"GMO Internet positions the cryptocurrency business as its strategic business sector and is already engaged in cryptocurrency exchange business and cryptocurrency mining business. Starting with the launch of the new “Yen-pegged currency,” we will now support borderless cryptocurrency transactions," reads the company statement.
For reference, GMO Japanese Yen will be the second stablecoin that is pegged to the Japanese yen, following a similar project voiced by China's Xiong’An this September.
It is worth mentioning that fiat-pegged coins become more and more popular now. Specifically, Gemini exchange, Paxos and Circle have launched such assets lately. Moreover, London Block Exchange expressed intentions to develop a stablecoin pegged to the sterling.