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New York licenses GMO Internet to issue the first JPY-pegged stablecoin



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The New York Department of Financial Services (NYDFS) has approved Tokyo-based GMO Internet to launch GYEN, the first stablecoin pegged to the Japanese yen.
GMO Internet, an internet conglomerate that offers a large array of services, including domain hosting, online advertising and what it claims is the world’s largest foreign exchange trading platform, will set up GMO-Z.com Trust Company (GMO Trust) to issue GYEN and ZUSD, a USD-pegged stablecoin. Both will start selling outside of Japan next month.
In a press announcement, GMO Trust said it had also made strategic partnerships with global digital asset exchanges to ensure …

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