December 29, 2020 - GMO Internet Inc., the Tokyo-based Internet conglomerate, has won approval from the New York Department of Financial Services (DFS) to establish a limited purpose trust company, GMO-Z.com Trust Company, Inc. ("GMO Trust") and issue the world's first regulated JPY-pegged stablecoin (Ticker: GYEN).

The approval from DFS allows the company to launch both a JPY-pegged stablecoin (Ticker: GYEN) and USD-pegged stablecoin (Ticker: ZUSD).

stable_zusd.svg

Both GYEN and ZUSD are powered by Ethereum. The stablecoins can be purchased and redeemed directly from GMO Trust or certain digital asset exchanges with whom GMO has partnered with to enhance the accessibility and liquidity of the tokens.

[GYEN.png](https://stablecoin.z.com/gyen/

GYEN will be available in January 2021 and will be the first regulated stablecoin pegged to JPY. These digital assets can be leveraged by institutional firms and retail users for trading, institutional hedging, arbitrage, settlements, and payments.

According to today’s announcement, GYEN and ZUSD will be:

100% fiat-backed and always redeemable 1:1.

Available on exchanges globally and will be among the most liquid digital assets.

Powered by Ethereum's leading blockchain-based technology.

Also a monthly attestation report will be disclosed by certified public accountants to verify the availability of assets to support the value of the stablecoins. GMO Trust will issue and redeem GYEN and ZUSD directly to reduce fees while improving security and transparency.

GMO Internet Group operates the world's largest online FX trading platform, having the top global spot in trading volume within the FX space for seven consecutive years. It also operates an Internet bank regulated by the Japanese Financial Services Agency (FSA). In 2017, it launched a digital currency exchange regulated by the FSA and a large Bitcoin mining operation.

Ken Nakamura, President and CEO of GMO-Z.com Trust Company, Inc., said: "We're breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset. But we are also pioneers and innovators in this space who envision building new applications of blockchain technology that transform our relationship with traditional financial services."

Kurt Bierbower, SVP of Business Development at GMO-Z.com Trust Company, Inc., said: "We seek to dramatically reduce execution times and expand the digital options for retail and institutional clients in trading, settlements, payments, lending and remittances. But our goal is also to leverage our 20-year history in this space to meet the highest standards of reliability and security as a regulated entity."

To win approval from DFS for the trust, GMO had to meet stringent requirements for its cybersecurity programs, as well as meet federal standards for anti-money laundering and economic sanctions.

For more information on the GYEN and ZUSD stablecoins, and GMO Trust, visit https://stablecoin.z.com/