GMO Trust taps Komainu to custody NYDFS-regulated JPY and USD stablecoins, GYEN and ZUSD

Rick Steves

“We are particularly excited to collaborate with a company with shared Japanese heritage and hope that this will develop our respective franchises in the APAC region as well as globally.”

GMO Trust, the New York-headquartered and NYDFS-regulated issuer of the first regulated JPY stablecoin “GYEN” as well as USD stablecoin “ZUSD”, has partnered with Komainu for custody purposes.

Jersey-headquartered Komainu is a digital asset custodian regulated by Jersey’s JFSC and Dubai’s VARA. It was created as a joint venture between Nomura, digital asset manager CoinShares, and digital asset security company Ledger.

Komainu will allow GMO Trust to offer secure and compliant institutional-grade custody services for GYEN and ZUSD, the regulated JPY stablecoin and USD stablecoin approved by the New York State Department of Financial Services (NYDFS), which are 1:1 backed stablecoins with assets held at FDIC-insured banks.

This partnership enables institutional clients to leverage the regulated stablecoins ecosystem under the highest standard of compliant custody framework to consolidate and interact with digital assets.

Bridging JPY and USD stablecoins with compliant custody solutions

Ken Nakamura, CEO of GMO-Z.com Trust Company, Inc., said: “Komainu provides more than just a secure custody service – their comprehensive legal compliance and the flexibility of easy access are incomparable. We believe bridging the regulated JPY and USD stablecoins with the most advanced compliant custody solutions will pave an innovative way for institutional clients to explore leveraging digital assets. We are particularly excited to collaborate with a company with shared Japanese heritage and hope that this will develop our respective franchises in the APAC region as well as globally.”

Darren Jordan, Head of Sales of Komainu, said: “This was a logical partnership given that we are a regulated entity with Japanese roots. Our institutional-grade hybrid wallet infrastructure allows us to support one of the widest blockchain and token offerings in the market and we are particularly excited about increasing stablecoin demand with a lot of opportunities outside of USD stablecoins in particular.”

GMO Trust offers no-cost swaps between ETH and XLM versions of GYEN

GMO Trust has recently launched no-cost swaps between the ETH and XLM versions of the JPY-pegged stablecoin GYEN.

By bringing GYEN and ZUSD to the Stellar network, which has grown to over 7 million accounts and handles millions of transactions each day, users will be able to transact across this blockchain network leveraging GYEN and ZUSD for near-instant, borderless transactions.

The regulated stablecoins GYEN and ZUSD offered by GMO Trust are fully backed by 1:1 fiat reserve of JPY and USD, respectively. Reserves are audited publicly on a monthly basis by an independent, accredited accounting firm.

GMO Trust will be offering a no-cost swap between the Ethereum and Stellar versions of these stablecoins, allowing for the seamless movement of those assets between the two blockchains.

Read this next

Digital Assets

French influencers face two years in jail for promoting crypto products

France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

Interviews

Exberry’s Guy Melamed on paradigm shift with cloud-native exchanges at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Guy Melamed about Exberry’s cloud-native exchange SaaS platform certified by AWS to bring about a paradigm shift in the industry at a time of cybersecurity concerns.

Retail FX

Playtech revenue grows to €1.60 billion in 2022

Playtech plc (LSE: PTEC) reported solid financial results for the fiscal year 2022 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue and net profit.

Digital Assets

Terra founder Do Kwon arrested in Montenegro

Terra (LUNA) co-founder Do Kwon, the South Korean entrepreneur facing charges over the $40 billion wipeout of the stablecoins he created, was reportedly arrested in the region of Podgorica, Montenegro.

Metaverse Gaming NFT

Orbs Ecosystem Developers Launch TON Access To The Public

The TON Access service provides reliable and decentralized RPC nodes to decentralized applications (dApps).

Digital Assets

Bybit celebrates listing of Arbitrum (ARB) token with $400K prize pool

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology.”

Digital Assets

StormGain launches StormGain DEX, a non-custodial alternative to its centralized exchange

StormGain DEX becomes accessible once a user connects their own non-custodial wallet and trades directly, with all orders settled on-chain.

Retail FX

OANDA launches CFDs on UK and US stocks for retail clients in emerging markets

“Interest in CFDs has been surging globally as they offer traders and investors the opportunity to profit from price changes without owning the underlying assets. CFDs give exposure to markets that are trending downward as well as upward, allowing traders to take positions even when volatility is high.”

Institutional FX

Bitpanda’s stocks, commodities, crypto now available to banks partnered with Visa

“We are excited to welcome Bitpanda to Visa’s Fintech Partner Connect Program. The partnership will assist banks to integrate an asset trading platform for crypto and other assets within their banking app.”

<