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Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York

Benjamin Powers
·1 min read

The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem” Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York.

  • The regulated JPY-pegged stablecoin will be the first of its kind available to the public.

  • GMO is a Tokyo-based internet conglomerate and said it is the world’s largest online FX trading platform.

  • The charter makes GMO one of only 27 companies licensed in New York to engage in virtual currency activities.

  • “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset,” said Ken Nakamura, president and CEO of GMO-Z.com Trust Company, in a statement.

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