GMO Internet, the Japanese IT giant, has confirmed its plans around the launching of a yen-backed stablecoin — called GMO Japanese Yen or GYEN — later this year in an earnings presentation to investors held yesterday.
“Regarding the plan to launch GYEN as announced last year, we plan to issue it in overseas this year.” — Said one of the company’s executives.
GMO already expressed this goal last year and now all the stablecoin-related work is on track: GMO has set a subsidiary exclusively for that purpose and selected an individual responsible for the issuing of the stablecoin this year.
Stablecoins are cryptocurrencies outlined to reduce the effects of price volatility. Their value is pegged to a currency, or to exchange traded commodities. In this case GYEN will be pegged to the Japanese Yen: 1 GYEN token may equal 1 YEN.
The company expects to share more details on the stablecoin soon.
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