Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in NewYork

[Malam90]

The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem” Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York.

The regulated JPY-pegged stablecoin will be the first of its kind available to the public.
GMO is a Tokyo-based internet conglomerate and said it is the world's largest online FX trading platform.
The charter makes GMO one of only 27 companies licensed in New York to engage in virtual currency activities.
“We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset,” said Ken Nakamura, president and CEO of GMO-Z.com Trust Company, in a statement. Source Link

[Malam90]

We can get another new stable coin 'JPY' soon. The more quality stable coins emerge, the better for stability of cryptocurrency price balance.

[IyemRoker]

But it looks like the Japan Yen can't be created for a stable coin in the cryptocurrency market, right?
Or maybe my knowledge is lacking and Japan Yen is already in various markets.

Then I will guess (if not) for the creation of this Japan Yen stable coin will use the JPYT symbol, which stands for Japan Yen Token. In my Opinion .

[Astra]

But it looks like the Japan Yen can't be created for a stable coin in the cryptocurrency market, right?
Or maybe my knowledge is lacking and Japan Yen is already in various markets.

Then I will guess (if not) for the creation of this Japan Yen stable coin will use the JPYT symbol, which stands for Japan Yen Token. In my Opinion .

When the Chinese government issues their digitized yuan, and especially if it shows its first successes, the rest of the states will also step up work in this direction. In principle, most states are already issuing or considering issuing their central bank stablecoins. Japan is no exception to this either. However, I am a little surprised that Japan gave the lead in this matter to China.

[damsix]

Ken Nakamura, president and CEO of GMO-Z.com I am sure this person will be very well known later if the Japan Yen which is in cryptocurrency rises high in terms of market cap.
It is also possible that later the Japan Yen which is stable in cryptocurrency will be named with the JPT symbol or Japan Yen Token, because I think this name is not yet in the cryptocurrency market.

[kulkhan]

Great NewsThe New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem” Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York. I Think it will Great Good Impact on Cryptocurrency.