​GMO Internet Announces Partnership with INX on US Regulated Stablecoins

GMO-Z.com Trust Company, Inc. (GMO Trust), a regulated stablecoin subsidiary of Japanese Internet and Financial Services conglomerate GMO Internet Group (GMO Internet), announced yesterday that it has partnered with INX Limited (INX) to provide the world’s first regulated Japanese yen (JPY) stablecoin, GYEN, to retail and institutional investors through its subsidiary, INX Digital, Inc.

GMO Trust, based in New York, is established in 2020 and regulated by the New York Department of Financial Services. It is issuing GYEN and ZUSD, the new digital dollar, to expand GMO Group’s cryptocurrency footprint. However, GYEN and ZUSD will not be offered to Japanese residents due to regulatory restrictions.

GMO Trust’s parent company GMO Group owns the world’s largest retail online FX trading platform by volume, a Japanese regulated Internet bank, a cryptocurrency exchange, and offers cryptocurrency mining operation and a payment gateway services. 

INX, a global blockchain-based platform for digital asset exchange, launched the first SEC-registered digital security IPO for both retail and institutional investors, a first of its kind offering.

“We’re now entering into a new era where highly regulated exchanges are preparing to service tier one institutional traders,” Ken Nakamura, CEO of GMO Trust said. “We’re thrilled to be working with INX, who have built their exchange in accordance with top U.S. regulatory standards. This level of compliance, safety, and technology will attract the largest financial firms to their platform.”