October 10, 2018
GMO Internet (https://www.gmo.jp/en/) will start full-scale preparations to launch a stablecoin, a cryptocurrency with quick value, with a perspective to entering “payment service” in a cryptocurrency sector.
Stablecoins are price-stable cryptocurrencies whose values are corroborated especially by authorised currencies. GMO Internet skeleton to launch a Japanese yen-pegged banking “GMO Japanese YEN (ticker symbol: GJY)” by “Z.com,” a tellurian code for abroad strategies of GMO Internet Group, in Asian countries in 2019.
GMO Internet positions a cryptocurrency business as a vital business zone and is already intent in cryptocurrency sell business and cryptocurrency mining business. Starting with a launch of a new “Yen-pegged currency,” we will now support borderless cryptocurrency transactions.
Background of a full-scale preparations for rising a stablecoin
One of a hurdles in compelling and enhancing marketplace liquidity of cryptocurrencies is to stabilise cost sensitivity that poses a risk to remittance and payment. Amid such circumstance, “stablecoins” are attracting courtesy as price-stable cryptocurrencies whose values are corroborated by a authorised banking or other cryptocurrency. In fact, there are 57 stablecoins globally, of that 23 are already in circulation. Total marketplace capitalization of stablecoins reached 3 billion dollars (approx. 341,452.31 million yen(*1)), and a transaction volume of “Tether” with a top transaction volume among a stablecoins is a second largest behind Bitcoin among all cryptocurrencies. (*2)
GMO Internet Group positions a cryptocurrency business as a vital business sector, and launched cryptocurrency sell business in May 2017 and cryptocurrency mining business in Dec 2017. The cryptocurrency-related business domain consists especially of “exchange,” “mining” and “payment.” GMO Internet Group has already entered “exchange” and “mining” domains though was still conducting investigate in a remuneration domain to learn either cryptocurrencies can be used as remuneration currencies in terms of their volatility.
Under such circumstances, GMO Internet Group famous a intensity of stablecoins to grasp cost fortitude and motionless to start full-scale preparations to launch stablecoins to support borderless cryptocurrency sell with a perspective to destiny use of cryptocurrencies for payment.
(*1) As of Oct 9, 2018 (*2) Source: Blockchain Luxembourg SA, “THE STATE OF STABLECOINS”
About a stablecoin “Yen-pegged currency” to be launched
There are especially 3 categories of stablecoins: “fiat-collateralized,” corroborated by authorised currencies, “crypto-collateralized,” corroborated by other cryptocurrencies, and “non-collateralized,” not corroborated by any resources though stabilized with a intelligent agreement mechanism. GMO Internet is now scheming to launch a fiat-collateralized stablecoin corroborated by a Japanese yen (Yen-pegged currency) and deliberation to adopt a banking house arrangement (*3).
GMO Internet skeleton to launch a Japanese yen-pegged banking “GMO Japanese YEN (ticker symbol: GJY)” by “Z.com,” a tellurian code of GMO Internet Group, in Asian countries in 2019.
(*3) An sell process underneath that in this box a value of “Yen-pegged currency” is cumulative by an equal volume of Japanese Yen hold in reserves. The adoption of a arrangement, including where Japanese yen will be held, is underneath consideration.
Future prophesy of “Yen-pegged currency”
Stablecoins can be one of a solutions to hyperinflation afflicting many building countries as an choice banking to a dangerous internal banking nonetheless issues such as loyal decentralization contingency be overcome. Also, as a cashless payments are increasingly swelling in grown countries, stablecoins have intensity to comparison inhabitant currencies and be a global-standard for a innovative financial infrastructure. Of all a stablecoins, we trust a “Yen-pegged currency” corroborated by a Japanese yen has high intensity to be an ideal banking with high trustworthiness as good as low remittance price and quick transaction speed that are particular advantages of cryptocurrencies. GMO Internet will support arguable borderless sell by rising “Yen-pegged currency.”
GMO Internet Group
GMO Internet Group is an Internet services attention leader, building and handling Japan’s many widely used domain, hosting cloud, ecommerce, security, and remuneration solutions. The Group also includes a world’s largest online FX trade platform, as good as online advertising, Internet media, and cryptocurrency associated services. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For some-more information, greatfully revisit https://www.gmo.jp/en/