The Japanese IT conglomerate, GMO Internet Group, said that it will, by 2019 launch GMO Japanese Yen (GJY), a new stablecoin that will focus on the home market and Asian market strength via Z.com as a cryptocurrency exchange subsidiary – GMO is in a powerful bid to continue to penetrate the cryptocurrency industry.
Being a leader in new ideas and flexible employee benefits, GMO gained headlines in December 2017 when it announced that it would allow employyes to earn half their pay in Bitcoin. Launching a stablecoin, which of course offers price stability, would support the future business of beardless cryptocurrency transactions. Thus far, GMO has taken a firm position in these markets by opening a mining business and a crypto-exchange.
Also, the company partnered with Aozora Bank and others to launch a blockchain-powered online bank. The online bank business has been an explosive business in Hong Kong and other centers in the region with Japanese players now getting fully involved. The online bank will allow cross-border settlements and online banking, and there are many possibilities to expand business.
GMO is one of several companies moving into the stablecoin world with IBM, startup Paxos, Gemini, and Circle – all announced their US dollar-anchored stable coins earlier this year.