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