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.

 

Read this next

Institutional FX

Tradeweb’s trading volume hits $23.2 trillion in November

Tradeweb Markets, the operator of electronic marketplaces for rates, credit, equities and money markets, has just reported its aggregated trading volumes for November 2022.

Executive Moves

CAPEX.com hires Vikas Lakhwani to join MENA business

Multi-licensed broker CAPEX.com has appointed Vikas Lakhwani as its general manager for the Gulf Cooperation Council (GCC) region.

Retail FX

Swissquote secures CySEC licence as crypto business grows

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Institutional FX

Moscow Exchange still enjoys solid market making volumes

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Inside View

The Year-End FX Turn: To Everything There is a Season

By Paul Houston, Global Head of FX Products, CME Group

Crypto Insider

A Wrapup of zkSync x Bitrue’s “Ask Me Anything” Session

In another edition of Bitrue’s AMA on Twitter Space, Bitrue invited a special guest from the company behind the creation of zkSync, Matter Labs. Marco Cora, Head of Business Development from Matter Labs, joined the session to give listeners a rundown on what’s up with zkSync.

Technology

New Features, Upgrades, and Improvements: B2Broker Launches Big Update of Its Flagship CRM System B2Core

In a massive update for its flagship product, B2Core, B2Broker, one of the leading providers of liquidity and technology solutions for brokers and exchanges, has released new features. Enhancements in the update include the following to provide clients with more features, flexibility, and security:

Industry News

Will SEC v Ripple end come too late for crypto industry in the United States?

SEC v. Ripple Labs has entertained the digital asset industry ever since being filed in 22 December 2020. Nearly two years in, both parties have addressed the court to pursue a summary judgment in order to avoid going to trial.

Inside View

Outsourcing: The Key to Improving Your ROI

Gen Z, the second generation of digital natives, has already set out on its path to wealth creation, participating in the financial markets and inspiring Generation Alpha to follow suit. The current and upcoming generations of investors are increasingly looking for cutting-edge technology to aid their decision-making process. As investor demographics change and the markets become increasingly global, brokers need to evolve their ecosystem to stay a step ahead. This is the only way to survive the rapidly changing markets.

<