Nomura and GMO Internet Group have agreed to work together to bring Dollar and Yen stablecoins to Japan
Nomura will work with the Japanese market to attempt to establish stablecoins for the yen and the dollar.
The parent company of stablecoin startup GMO-Z, GMO Internet, and Japanese financial services major Nomura have formed a partnership. The banking behemoth is investigating the possibility of issuing stablecoins denominated in dollars and yen in Japan, in partnership with GMO and Nomura’s digital assets business, Laser Digital. On top of this, the businesses are targeting the Japanese market with the introduction of stablecoin-as-a-service solutions.
In his remarks about the new venture, Kentaro Okuda, president and group chief executive officer of Nomura Holdings, emphasized the significance and promise of stablecoins. Something that Okuda said was:
“Nomura and its Digital Asset subsidiary Laser Digital are thrilled to team up with GMO to investigate the ins and outs of a JPY/USD stablecoin company in Japan. This is because stablecoins are certain to have a significant impact on financial markets. The Japanese financial environment stands to benefit substantially from this project’s ability to increase innovation and accessibility to digital assets.”
Together, the three parties will think about how to issue, redeem, and circulate stablecoins denominated in USD and JPY. Businesses interested in launching their own stablecoins will have access to both these coins and a stablecoin-as-a-service option. Integrating blockchain technology, managing backend transactions, and ensuring regulatory compliance are all crucial parts of the process that the solution will address.
This GMO Internet subsidiary, GMO-Z, is a holder of a trust charter from the New York Department of Financial Services (NYDFS). The firm’s stablecoins, GYEN and ZUSD, are available on the Stellar, Solana, and Ethereum networks. One stablecoin that uses the dollar is ZUSD, whereas another uses the yen, which is a Japanese currency.
Cryptocurrency is something that Nomura’s Laser Digital division has been exploring for some time. In September of last year, Laser Digital introduced the Bitcoin Adoption Fund, an institutional-only, long-only Bitcoin exposure fund. The service’s announcement of a Tokyo office came in October.
The Virtual Asset Regulatory Authority (VARA) in Dubai granted a full operating license to a Nomura, CoinShares, and Ledger joint venture in the cryptocurrency space last year. The license gives Komainu the entire power to provide new crypto services and enhance current ones. Launched in June 2020, the platform manages crypto storage for a variety of users, including exchanges, asset managers, enterprises, financial institutions, and government bodies. With support for more than 30 native blockchains, Komainu’s services extend to over 5,500 coins.
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