GMO-Z.com Trust Company, Inc., the US-regulated stablecoin subsidiary of Japanese financial services and Internet conglomerate GMO Internet Group, has partnered with Anchorage Digital to bring GYEN, a Japanese yen (JPY) stablecoin to Anchorage’s institutional clients.
GYEN is the first JPY stablecoin approved by the New York State Department of Financial Services (DFS) and is a 1:1 backed stablecoin with assets held at FDIC-insured banks. The partnership demonstrates Anchorage’s support for responsibly regulated stablecoins, and offers institutional traders another way to interact with JPY—expanding institutional trading participation in one of the world’s most traded currencies, known as a historical safe haven.
Diogo Mónica, co-founder and president of Anchorage Digital said: “GYEN is a great example of what we have long believed: regulated, compliant stablecoins make currencies more competitive globally through faster settlements, greater accessibility, and better affordability. We are pleased to bring our clients yet another stablecoin, offering them exposure to a stablecoin 1:1 with the Japanese Yen.”
Ken Nakamura, CEO, GMO-Z.com Trust Company said: “Anchorage is a leading firm in regulated custody and crypto trading, and shares our conviction that tier one institutions and traders have embraced stablecoins as an efficient digital asset. We selected Anchorage as our partner for their ability to adapt their product to meet growing demand from institutional clients, while appealing to a global, institutional audience. We’re thrilled to partner with Anchorage and continue expanding regulated, compliant stablecoin participation globally.”
The partnership is a step forward for Anchorage as it expands its offerings to institutions in Asia, a key engine of the global economy that has widely adopted digital assets. Its Asia growth allows it to meet its clients’ needs for 24/7 market coverage, and brings secure, regulated custody, trading, staking, governance, APIs and more to the region’s traditional financial players and crypto-native exchanges.
Image and article originally from thefintechtimes.com. Read the original article here.