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

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

By Benjamin Powers

Dec 29, 2020 at 5:08 p.m. UTC

Updated Sep 14, 2021 at 10:49 a.m. UTC

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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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