GMO Group partners with INX to bring GYEN and ZUSD stablecoins to investors

Karthik Subramanian

The Japanese internet conglomerate, Trust Company, has announced today that it has tied up with INX Limited, a company that operates digital asset exchanges, for introducing GYEN and ZUSD stablecoins to its retail and institutional investors.

Both these companies have entered into the crypto space in a big way with both companies tying up with major crypto partners to drive their growth. INX had recently announced that it was going to introduce the first SEC-approved security token on its platform while GMO had announced that it was tying up with Binance to introduce the GYEN stablecoin which would be pegged to the Japanese Yen.

“INX is proud to partner with a global financial services powerhouse that is issuing financial-grade stablecoins.” Douglas Borthwick, Chief Business Officer at INX said, “GMO has a very synergistic portfolio of businesses that directly align with our institutional customer base, which we are ideally positioned to service on the digital asset side as a US regulated exchange.”

GMO Group has been one of the largest FX exchanges in the world for well over a decade and would bring in a lot of experience in the trading and institutional investment field having been a giant in Asia for many years.

INX has been diligently pushing to get its endeavors approved and regulated by the SEC which would mean that with the support of the regulators, it would be able to push its products to its core audience, the institutional investors, in a much easier manner.

“We’re now entering into a new era where highly regulated exchanges are preparing to service tier, one institutional trader.” Ken Nakamura, CEO of GMO Trust said. “We’re thrilled to be working with INX, who have built their exchange in accordance with top U.S. regulatory standards. This level of compliance, safety, and technology will attract the largest financial firms to their platform.”

This partnership is likely to be a big boost for INX which is just about starting their operations and if the trading volumes pick up and the initial interest shown by the investors is sustained, then it would be a boost for the GYEN stablecoin as well. It would be interesting to see how ZUSD stablecoin would fare as it has been piggybacking on GYEN all along with the partnerships that the GMO Group makes and we will have to see whether it would eventually be pitched as a challenger to the USDT and USDC stablecoins at some point of time.

Read this next

Institutional FX

FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Digital Assets

Circle denies ties with Palestinian groups, TRON founder

Stablecoin issuer Circle has denied allegations that it facilitates funding for terrorist organizations.

Retail FX

CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

Institutional FX

Cboe FX volumes retreats slightly in November 2023

Cboe’s institutional spot FX platform today announced its trading volume for the month ending November 2023, which took a step back after a strong rebound in October.

Institutional FX

Alpha Group seals Cobase majority acquisition

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has finalized its acquisition of Financial Transaction Services, operating as Cobase.

Digital Assets

TMNG Tokens Successfully Listed on MEXC Crypto Exchange

TMN Global proudly announces the successful listing of its native TMNG token on the MEXC crypto exchange, effective December 1st, 2023. This strategic partnership marks a significant milestone for TMN Global in the crypto space.

Institutional FX

Marex completes acquisition of TD Cowen’s PB business

London-headquartered commodities broker Marex has completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Digital Assets

Talos introduces decentralized liquidity and onchain settlement with Uniswap and Fireblocks

“At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting.”

Digital Assets

FINMA-regulated crypto bank SEBA Bank rebrands to AMINA

“As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to continue our global expansion, building on all the successes we have laid down over the past years.”