Nomura Holdings, Inc. and GMO Internet Group, Inc. have announced their partnership to explore the issuance of stablecoins based on Japan’s Yen and the U.S. Dollar.
In a recent press release, the companies noted that the partnership will explore the issuance, redemption, and circulation mechanisms of these JPY and USD stablecoins in a bid to enhance financial innovation and accessibility in Japan.
GMO-Z.com Trust Company, a U.S. subsidiary of GMO Internet Group, is leading this venture. Known for its expertise in issuing stablecoins under the strict regulations of the New York State Department of Financial Services, GMO-Z.com Trust Company operates on major blockchains like Ethereum, Stellar, and Solana.
On the other hand, Nomura, through its digital asset subsidiary, Laser Digital, will reportedly bring its extensive expertise in digital asset trading, asset management, and venture investment to the initiative.
Masatoshi Kumagai, founder, chairman, and CEO of GMO Internet Group, expressed his enthusiasm for the partnership. He stated, “We’re grateful to be cooperating with the Nomura Group to explore the issuance of stablecoins in the Japanese market. Their infrastructure and heritage, alongside the experience of Laser Digital, are crucial to the success of this project in Japan.”
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Kentaro Okuda, President and Group CEO of Nomura Holdings highlighted the significance of stablecoins in the financial markets. He said,
“As stablecoins will inevitably play an important part in financial markets, Nomura and its Digital Asset subsidiary Laser Digital are excited to partner with GMO. We aim to explore the issuance, redemption, and circulation mechanisms of a JPY / USD stablecoin business in Japan. This project has the potential to greatly enhance digital asset accessibility and innovation in the Japanese financial landscape.”
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Both companies also plan to introduce a “Stablecoin-as-a-Service” solution. This service will support companies in issuing their stablecoins and encompass regulatory compliance management, blockchain technology integration, and backend transaction management. It aims to provide a comprehensive framework for stablecoin operations.
Steve Ashley, Executive Chairman of Laser Digital, emphasised the project’s potential impact. He stated:
“We’re excited to explore this project and the ‘stablecoin-as-a-service’ solution. As the digital asset landscape evolves, the development of a stablecoin for use in the Japanese market will be key to expanding the accessibility and adoption of digital assets in Japan and beyond.”
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