Nomura Holdings, Laser Digital, and GMO Internet Group Explore Stablecoin Issuance in Japan

In a groundbreaking partnership announced on May 27, 2024, GMO Internet Group, Inc., Nomura Holdings, Inc., and Laser Digital Holdings AG have joined forces to investigate the issuance of JPY and USD stablecoins in Japan. By combining their expertise in stablecoin issuance, digital assets, and financial services, the companies aim to provide the highest standard of service in the stablecoin business.

GMO-Z.com Trust Company, Inc., a U.S. subsidiary of the GMO Internet Group, has been issuing stablecoins on major blockchains such as Ethereum, Stellar, and Solana under the regulatory framework of the New York State Department of Financial Services. The company operates a robust system that supports secure digital currency management, multiple technological platforms, and features for monitoring currency transactions and operations.

Nomura Holdings, through its digital asset subsidiary Laser Digital, will contribute its extensive expertise in digital asset trading, asset management, and venture investment to support the issuance of stablecoins in Japan.

The partnership will explore the issuance, redemption, and circulation mechanisms of JPY and USD stablecoins. Additionally, it will provide a "Stablecoin-as-a-Service" solution to support companies issuing stablecoins, including regulatory compliance management, blockchain technology integration, and backend transaction management.

Masatoshi Kumagai, Founder, Chairman and Group CEO of GMO Internet Group, Inc., expressed his gratitude for the cooperation with the Nomura Group, stating, "We're grateful to be cooperating with the Nomura Group to explore the issuance of stablecoins in the Japanese market. Their infrastructure and heritage alongside the experience of Laser Digital, are of paramount importance to the success of this project in Japan."

Kentaro Okuda, President and Group CEO of Nomura Holdings, Inc., emphasised the importance of stablecoins in financial markets and the potential of the partnership to enhance digital asset accessibility and innovation in Japan. "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."

Steve Ashley, Executive Chairman of Laser Digital, expressed his excitement about the project and the 'stablecoin-as-a-service' solution, stating, “As the digital asset landscape evolves, the development of a stablecoin for use in the Japanese market will be key to expanding the accessibility and adoption of digital assets in Japan and beyond.”

In October 2021, GMO-Z launched the first JPY-pegged stablecoin GYEN along with a US Dollar-pegged stablecoin ZUSD. Further information can be seen here.