GMO launches stablon secured yen.

[Paha87]

The Japanese Internet giant GMO Internet Group has announced plans to release a stablecoin called "GMO Japanese Yen", supported by the Japanese yen. The company, which is already engaged in mining and cryptocurrency exchange, now plans to launch its third cryptocurrency campaign, moving in step with the fashion for stablecoin.

Provided the yen steamcon

GMO Internet Group announced on Tuesday that it "will begin full-scale preparation for the release of a stable virtual currency in the price in order to enter the "zone of virtual currency business", specifying:

GMO Japanese Yen (Ticker symbol: GJY) will be launched through a single global brand "Z.com" in the framework of the foreign development strategy of the GMO Internet Group. This will be the currency associated in the price with the Japanese yen.

Noting that there are already 57 stablecoins in the world, 23 of which are already in circulation, GMO said: "we plan to start the production of stablecoin for the Asian region around 2019."

Third cryptocurrency campaign

Currently, GMO has two enterprises in the crypto-sphere: the exchange business, which began in may last year, and the mining business, which began in December. In its earnings report released in August, the company outlined another business model in the crypto-sphere in which it will try to succeed - cryptocurrency payments.

GMO, along with a press release on stablecoin, also announced that it "is investigating whether the virtual currency in terms of volatility can be the currency of settlement."

Movement towards centralization

According to the GMO, to address the problem of hyperinflation observed in many developing countries, "it is necessary to overcome problems such as true non-centralization." The firm argued that stablecoin could be a solution to this problem "as a currency to replace low-priced domestic currencies." The firm also believes that even in developed countries, stablecoins " can potentially become a global standard innovative financial infrastructure."

Recalling its cryptographic code, says GMO:

One of the objectives is to stabilize price volatility (volatility), which is a risk for remittances and payments in order to increase the spread and development of virtual currency.

Link to the source of information (Russian) -https://altstake.io/news/gmo-zapuskaet-steyblkoin-obespechennyy-yenoy