GMO Internet Group, one of Japan’s largest internet services provider is reportedly planning to launch its stablecoin that would be backed by the Japanese Yen in Q1 2020.
According to an official press release today, GMO noted that the stablecoin dubbed GMO Japanese YEN (GYEN) has gotten the necessary regulatory approval from the Japanese authorities to launch and has started conducting an extensive internal test for its newly built blockchain.
The GYEN would be launched outside Japan via Z.com, the firm’s global brand for overseas strategies, and the token will be deployed to support global cross-border payments.
In addition, the price volatility nature associated with most cryptocurrencies like Bitcoin, Ether, among others that pose a risk to global settlements can be mitigated with the use of the GYEN token, the firm added.
“[…] Stablecoins have been attracting attention as price-stable cryptocurrencies whose values are backed by a fiat currency or other underlying asset,” the announcement reads.
Since GMO’s entrance into the crypto industry, the firm had tried to get involved in all crypto-related businesses, including exchange and mining.
The company confirmed in today’s announcement that it is open to venture into the last segment of crypto business – crypto payments with the upcoming launch of its GYEN stablecoin.
According to reports, the firm launched its cryptocurrency exchange in May 2017 and subsequently unveiled its cryptocurrency mining operation in December 2017, with GMO recording a massive profit in Q3 2018 from its businesses.
Financial experts believed at the time that the firm’s increase in profit was triggered by GMO’s involvement with cryptocurrency, as the financial report marked the highest profit the firm has made in Q3 since 2013.
As reported, the IT firm’s crypto subsidiaries GMO coin and GMO’s crypto exchange, as well as its mining equipment production helped the firm made a profit of 2.6 billion yen (USD 22.8 million) in revenue.
