TOKYO, Dec. 23, 2019 (GLOBE NEWSWIRE) — GMO Internet (https://www.gmo.jp/en/) holds an internal testing of blockchain, preparing for the launch of a Japanese yen-pegged stablecoin “GMO Japanese YEN (ticker symbol: GYEN; hereinafter, “GYEN”)” in the first half of 2020 outside of Japan, following receipt of all necessary regulatory approvals.
GMO Internet’s development and planned launch of GYEN will be through Z.com, the global brand for overseas strategies of GMO Internet Group. As the GYEN blockchain development has been completed, GMO Internet is currently carrying out an extensive internal testing of the technology.
GMO Internet aims to support borderless trading, payments, remittance leveraging this virtual currency and applications of blockchain technology in the FinTech field through the use of GYEN.
Background of Launching Stablecoin
One of the challenges of promoting and enhancing market liquidity of cryptocurrencies is stabilizing price volatility which poses a risk to global remittance and payments. Amid such circumstances, “stablecoins” have been attracting attention as price-stable cryptocurrencies whose values are backed by a fiat currency or other underlying asset.
GMO Internet Group positions its cryptocurrency business as a strategic business sector and launched its cryptocurrency exchange in May 2017 and its cryptocurrency mining operation in December 2017, both of which were launched in Japan. The cryptocurrency-related business domain focuses on the exchange, mining and payments. GMO Internet Group has already entered the exchange and mining domains. Regarding the domain of payments, GMO Internet will continue to investigate and research the potential of stablecoins, which enable mainstream financial technology use cases through the minimization of price volatility inherent with existing cryptocurrencies.
GMO Internet is preparing for the issuance of GYEN with the vision of digital currencies being utilized…