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

Industry News

Playtech to close Finalto sale to Gopher in two weeks

Playtech, the London-listed gambling software developer, today said it expects to close the divesting of its financial trading division Finalto by mid July 2022.

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.