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Japanese Firm GMO Gets Nod to Offer Yen-Pegged Stablecoins in the US

Japanese Firm GMO Gets Nod to Offer Yen-Pegged Stablecoins in the US
  • Japanese internet firm GMO has received license to issue US dollar and Japanese yen-pegged stablecoins.
  • Currently, NYDFS has given out 27 charters and licenses for companies engaged in crypto activities.

The New York Department of Financial Services (NYDFS) has issued a charter to GMO-Z.com Trust Company Inc. Consequently, GMO can now issue, administer, and redeem Japanese yen and US dollar-pegged stablecoins in New York.

Additionally, the GMO charter is granted under the New York Banking Law. This will enable the company to operate as a limited liability trust company.

Furthermore, the JPY-USD pegged stablecoin is the first of its kind. Moreover, GMO is among the approved 27 licensed companies in New York to engage in virtual currency activities.

GMO-Z.com Trust Company President and CEO Ken Nakamura said that:

We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset.

But we are also pioneers and innovators in this space who envision building new applications of blockchain technology. This will transform our relationship with traditional financial services, says Nakamura.

Superintendent of Financial Services Linda A. Lacewell also said:

“New York continues to stay on the forefront of financial innovation as stablecoins take on growing significance and point to new directions in the future of money,”

Approval of this charter is a testament to NYDFS’ commitment to encourage innovation while providing rigorous regulatory oversight to uphold the integrity of the crypto markets and protect consumers.

NYDFS began licensing firms engaged in virtual currency business activity in 2015 and under the leadership of Superintendent Lacewell. Also, they revised the department’s regulatory approach.

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