Coinspeaker Nomura Announces Partnership with GMO Internet Group to Launch Dollar and Yen Stablecoins in Japan
Japanese financial services giant Nomura has announced a collaboration with internet infrastructure company GMO Internet, the parent organization of stablecoin company GMO-Z. Along with GMO and Nomura’s digital assets subsidiary Laser Digital, the banking giant is exploring the potential issuance of dollar- and yen-denominated stablecoins in Japan. In addition to this plan, the companies hope to launch stablecoin-as-a-service solutions to customers in the Japanese market.
Speaking on the new project, Nomura Holdings President and Group CEO Kentaro Okuda highlighted the role of stablecoins and their general potential. Okuda said:
“As stablecoins will inevitably play an important part in financial markets, Nomura and its Digital Asset subsidiary Laser Digital are excited to partner with GMO to explore the issuance, redemption, and circulation mechanisms of a JPY/USD stablecoin business in Japan. This project has the potential to greatly enhance digital asset accessibility and innovation in the Japanese financial landscape.”
Nomura Partnership Will Launch Stablecoins and Stablecoin Service for Would-Be Issuers
The partnership between the three entities will consider the issuance, redemption, and circulation of USD and JPY stablecoins. In addition to issuing these stablecoins, a stablecoin-as-a-service solution will also be available for companies looking to launch their own stablecoins. The solution will cover important aspects of the process, including regulatory compliance management, backend transaction management, and blockchain technology integration.
GMO-Z is a GMO Internet subsidiary that holds a New York State (NYDFS) Trust Charter. The company issues the ZUSD and GYEN stablecoins on the Solana, Ethereum, and Stellar blockchains. While the GYEN is a JPY-denominated asset, the ZUSD is a dollar stablecoin.
Nomura has been dabbling into cryptocurrency through its Laser Digital subsidiary for a while now. Last September, Laser Digital launched a long-only Bitcoin exposure fund called the Bitcoin Adoption Fund, restricted to institutional clients. In October, the service announced a new office in Tokyo.
Last year, a joint crypto venture between Nomura, CoinShares, and Ledger received a full operating license from the Virtual Asset Regulatory Authority (VARA) in Dubai. The license gives the venture, Komainu, the full authority to offer new crypto services and expand on existing ones. The platform launched in June 2020 to handle crypto safekeeping for exchanges, asset managers, government agencies, corporations, financial institutions, and several entities. Komainu’s services cover more than 5,500 tokens across over 30 native blockchains.
Japan’s Vibrant Crypto Industry
There have been several recent updates to the crypto clime in Japan. For instance, Bitcoin hit a new high against the Japanese yen last week, reaching a new 11.2 million yen milestone before retracing. It was the first time BTC ever hit 11 million yen.
Japanese multinational electronics giant Panasonic is also trying to use digital assets for tourist passes. The company wants to issue these passes via the DCJPY cryptocurrency at flat rates, to offer tourists an unlimited number of bus and train rides. In collaboration with DCJPY parent company DeCurret, the new experiment will sell these passess to tourists and use a smart contract to distribute the payment among bus or train service providers.
next
Nomura Announces Partnership with GMO Internet Group to Launch Dollar and Yen Stablecoins in Japan