Stablecoins are price-stable cryptocurrencies whose values are backed mainly by legal currencies. The company aims to roll out the Japanese yen-pegged currency GMO Japanese YEN (ticker symbol: GJY) through Z.com, the global brand for overseas strategies of GMO Internet Group, in Asian countries in 2019.
GMO Internet is already engaged in cryptocurrency exchange business and cryptocurrency mining business. However, starting with the launch of the new Yen-pegged currency, the company aims to support borderless cryptocurrency transactions.
There are mainly three categories of stablecoins: fiat-collateralized, backed by legal currencies, crypto-collateralized, backed by other cryptocurrencies, and non-collateralized, not backed by any assets but stabilized with a smart contract mechanism. GMO Internet is now preparing to launch a fiat-collateralized stablecoin backed by the Japanese Yen (Yen-pegged currency) and considering to adopt a currency board arrangement, according to online publication BenZingA.
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