Masatoshi Kumagaii, the creator and president of the GMO Internet, claimed that the stablecoin, dubbed GJY (GMO Japanese Yen) will be “minted” for the Asian region. The assets to back the stablecoin are expected to be safely stored in Japanese jurisdiction, where the tech company owns banking licenses.
Apart from helping the firm with branching into the remittance and the payment business, the GJY currency will be of service for the tech giant in terms of transaction settlement for its other business, as well as the cryptomining farms it runs. Besides cryptomining, in which the company has engaged since 2017’s December, GMO Internet also manufactures cryptomining equipment. In addition, the company also operates a cryptoexchange since last year’s May.
The news of yen-pegged stablecoin arrives in the wake of the rising number of stablecoins all over the globe. Despite the fact that USDT currency still retains its worldwide dominance, GMO Internet states that there are already as much as 57 different stablecoin currencies in the world, and 23 of them are circulating already.