Japan’s GMO Internet Group to Launch Yen-Backed Stablecoin in 2019
Japanese tech giant GMO Internet has announced plans to launch a stablecoin pegged to the Japanese yen next year.
The new coin will be called GMO Japanese Yen and is expected to arrive at some point in 2019. The company is already invested in mining hardware and cryptocurrency exchange businesses, and the launch of the coin will mark its third enterprise in cryptocurrency business.
GMO, which stepped into the Japanese cryptocurrency sector in May last year, aims to start issuing tokens, dubbed GMO Japanese Yen (GJY), in the next (2019) financial year.
GMO Internet is not the only company planning to launch a yen-collateralized stablecoin. Tether, which already supports the dollar and the euro, says in the FAQ section of its website that “soon” it plans to also offer a yen-backed Tether (“JPYT”).
According to GMO, in order to solve the hyperinflation problem seen in many developing countries, “issues such as true non-centralization need to be overcome.” The firm asserted that stablecoins can be a solution to this problem “as a currency to replace low-credit domestic currencies.”
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