The New York Treasury Department (NYDFS) has approved Tokyo-based GMO Internet to launch GYEN, the first stable coin pegged to the Japanese yen.
GMO Internet, An Internet conglomerate that offers a wide variety of services including domain hosting, online advertising, and what is believed to be the world's largest forex trading platform, is about to create GMO-Z.com Trust Company (GMO Trust) to issue GYEN and ZUSD. a USD-linked stable coin. Both will be sold outside of Japan next month.
In a press release, GMO Trust said it had also entered into strategic partnerships with global digital asset exchanges to ensure the liquidity of virtual currencies. GYEN started developing in 2018.
GMO Trust joins about two dozen other companies that have received licenses for virtual currencies, also known as BitLicenses, from the NYSDFS. BitLicenses, which went into effect in June 2015, are required to conduct business activities in virtual currencies in New York. Other Asia-based companies that own BitLicenses include Japan's Bitflyer, a Bitcoin exchange, and the Hong Kong-based digital wallet Xapo.