фото показано с : blokt.com

With the volatility of the crypto market, it’s hardly surprising that people are using cryptocurrencies backed by fiat currencies, also known as stablecoins. One of the most popular among these new breeds of tokens is Tether, a stablecoin where every token is backed by one US dollar.

But some crypto firms are now thinking that the market is probably ready for a Yen-backed stablecoin, which makes sense because Japan is among the largest crypto markets in the world. This week, reports have surfaced that revealed that there are plans of launching not one but two Japanese yen-backed stablecoins.

Japanese giant GMO Internet is now starting full-scale preparations for its plans to launch a stablecoin, according to a press release published in The Business Journals. The report added that the launching of the stablecoin is in line with the company’s plans to enter the crypto sector’s payment service segment.

The digital currency will be a Japanese-yen-pegged stablecoin and will be launched through Z.com, GMO Internet Group’s global brand for overseas strategies. The crypto will be called GMO Japanese YEN and will carry the ticker symbol GJY. It was also revealed that the token would be launched in 2019, but no specific date has yet been given.

The stablecoin will be GMO’s third foray into the cryptocurrency industry. The company already put up a cryptocurrency exchange business in May 2017 and a crypto mining business in December of the same year.

Meanwhile, Chinese authorities increasing crackdown on cryptocurrencies has not deterred Chinese investors from supporting projects in the industry. Recently, a Hong Kong based firm reported to be backed by Hangzhou made headlines when it was revealed that the company is moving ahead with its plans to invest in a Japanese yen-backed stablecoin project.

Hong Kong listed Grandshores Technology Group is planning to raise around US$12.7 million (HK$100 million) to finance a yen-backed stablecoin project, according to a report by the South China Morning Post. The company is currently in talks with a still unidentified mid-tier Japanese bank for the creation of this stablecoin.

Grandshores Technology’s Yongjie Yao revealed that his group believes that there is a demand for a yen-pegged stablecoin. The group plans to launch the token later this year or in the early part of 2019. Yao also revealed plans of Hong Kong dollar-backed and Australian dollar-backed stablecoins in the future.

Two Yen-Backed Stablecoins in the Works, Hong Kong and Australian Dollar-Backed Coins Could Happen Next was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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