GMO-Z.com offers no-cost swap between ETH and XLM versions of JPY-pegged stablecoin GYEN

Rick Steves

GMO-Z.com Trust, the New York-based, regulated subsidiary of the Japanese GMO Group, has made stablecoins GYEN and ZUSD available on the Stellar network.

GYEN is the first regulated Japanese yen (“JPY”) stablecoin, and ZUSD is a U.S. dollar (“USD”) stablecoin, both recently launched by GMO-Z.

Due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents until further notice.

GYEN (JPY stablecoin) and ZUSD (USD stablecoin) on Stellar network

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.

GYEN can always be purchased and redeemed 1:1 against the JPY, and ZUSD can always be purchased and redeemed 1:1 against the USD.

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.

GYEN holders gain access to speed, scale, and affordability of Stellar

Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said: “We are excited to partner with GMO Trust—a global leader in bridging the gaps between cryptocurrency and traditional finance—to bring GYEN and ZUSD to the Stellar network. This integration will merge the speed, scale, and affordability of Stellar with the global utility of the world’s first regulated JPY-pegged stablecoin, a significant milestone on our path to improving interoperability between global payment systems.”

Ken Nakamura, CEO of GMO-Z.com Trust Company, Inc., said: “We’re pleased to integrate GYEN and ZUSD on the Stellar network as we continue to connect traditional fiat rails with blockchain-based rails. Launching Stellar-based stablecoins is very exciting for those clients seeking a much faster, cheaper, and more scalable solution when compared to Ethereum.”

Fireblocks supports custody of Stellar GYEN and ZUSD

Customers from dApps, to exchanges, to payment firms will be able to leverage GMO Trust’s APIs to quickly and securely integrate these Stellar-based stablecoins into their platforms, accelerating the pace of innovation in the industry. The multi-chain development will enhance the interoperability and accessibility of GYEN and ZUSD, driving opportunities for multi-currency stablecoins and elevating the user experience to the next level.

Customers can now purchase and redeem Stellar GYEN and ZUSD directly from GMO Trust’s platform at a 1:1 ratio. Fireblocks is the first technology provider to add support for custody of Stellar GYEN and ZUSD for institutions.

Invast Global acquires FCA-regulated GMO-Z.com Trade UK

FinanceFeeds has recently covered news about GMO-Z.com, more specifically the UK-regulated entity GMO-Z.com Trade UK which was acquired by Prime of Prime broker Invast Global, pending regulatory approval.

GMO-Z.com Trade UK has a registered capital of 1.5 million pounds (incorporated on October 19th 2012) and is based in London. GMO-Z.com Trade UK is a subsidiary of GMO Financial Holdings, Inc. (incorporated in 2012). Based in Tokyo, GMO Financial Holdings Inc. has a registered capital of 705 million yen with total assets of 996,049 million yen.

Invast Global last year established its first European office in Cyprus as part of a strategic plan to build a global network of distribution channels in jurisdictions widely regarded for their regulatory standing. The acquisition of GMO-Z.com Trade UK is the next to fulfil this goal.

The London office will be used to further strengthen relationships with both existing clients and potential clients as well as vendors and partners. Invast Global will also be able to access a deep pool of talent, particularly in the areas of quantitative trading and market making.

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