INX has partnered with GMO-Z.com Trust Company to list the world’s first regulated Japanese yen stablecoin, GYEN, for retail and institutional investors through its subsidiary, INX Digital. INXD will also be listing GMO Trust’s USD-backed stablecoin, ZUSD. GYEN and ZUSD will initially be traded against the US dollar and bitcoin, with additional pairs added in the future.
GMO Trust is the New York-based, regulated stablecoin subsidiary of Japanese financial services and internet conglomerate, GMO Internet Group (GMO Group). GMO Group owns and operates the world’s largest online FX trading platform by volume, a Japanese regulated internet bank, a cryptocurrency exchange, a cryptocurrency mining operation and a payment gateway service.
The introduction of this Japanese Yen stablecoin on INXD provides an innovative asset class and new trading venue with no closing times for the millions of retail, and thousands of institutional FX traders to invest and speculate. It also provides corporate clients an innovative, more efficient Japanese Yen-backed payment solution, with instant settlement in digital wallets as opposed to the traditional market T+2 experienced in the underlying asset.
Shy Datika, founder and CEO at INX, said in a statement: “GMO has a very synergistic portfolio of businesses that directly aligns with our customer base, which we are ideally positioned to service on the digital asset side as a US regulated cryptocurrency platform. To put it into perspective, daily turnover in bitcoin is around $40 Billion, while in USDJPY it is closer to $750 Billion.”
“GMO’s new stablecoins, including the first regulated Japanese yen stablecoin GYEN, demonstrate our firm belief that tier one institutional traders are ready to embrace innovative digital assets,” said Ken Nakamura, CEO of GMO Trust, in a statement.