GMO-Z ties up with Wyre in push for GYEN as payments crypto of choice

Karthik Subramanian

GMO-Z.com Trust Company Inc., the fully regulated subsidiary of GMO Internet Group, has partnered with Wyre, the payments solutions company powered by blockchain.

The partnership is to ensure that the stablecoin of GMO.Z which is pegged to the Japanese Yen is available across all the platforms powered by Wyre which includes payments, crypto exchanges, wallets, and foreign exchange solutions. Wyre provides a stable platform for developers to integrate into, using their simple API.

The developers will be able to use this platform to build applications on top of this that can use GYEN for payments and financial dealings. The platform has also integrated ZUSD which is the stablecoin of GMO-Z that is pegged to the US dollar.

With this partnership, the developers who build on Wyre would be able to accept local payment methods, send global payouts to over 130 countries and also exchange between fiat and crypto, the companies said.

Those who have been following us over the last few months would have seen the rapid developments happening in the GYEN space and the big push that is being given to GYEN and ZUSD by the GMO-Z group. Being one of the largest internet and trading company groups in Japan, they hold a lot of clout in the trading industry and with their crypto stablecoin division being regulated and licensed by the New York Department of Financial Services, they are able to expand with ease.

They are trying to position GYEN as a payment method of choice and the recent tie-up with INX and Nexus Markets is an added proof of this along with the partnership with Wyre that has been announced today. All these developments have happened with a span of a month which shows the aggressive push that is being given to GYEN and ZUSD by the company and the market that is currently available for stablecoins. These are now viewed as real alternatives to fiat which can serve the cross-border payment industry in the long term and this is the reason why we are seeing various stablecoins being introduced and pushed.

Those that are regulated and licensed have a better chance at success in the long term but the competition for dollar-pegged stablecoins at this time seems to be between USDT and USDC with ZUSD also joining the fray now while GYEN stands as the sole stablecoin as far as being Yen-pegged is concerned.

 

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