GMO-Z.com Trust expands to Solana Chain with Japanese yen stablecoin “GYEN” etc.

10 months ago 62

Transfer value with high-speed networks

On the 23rd, GMO-Z.com Trust Company, Inc., a local subsidiary in the United States, announced the Solana (SOL) block on Japanese yen stablecoin “GYEN” and U.S. dollar stablecoin “ZUSD” that complies with U.S. banking laws and regulations. It was announced that the chain would launch and offer the product.

“GYEN” and “ZUSD” are stocks that are distributed outside of Japan, and are currently not eligible for sale to residents of Japan.

GMO-Z.com Trust Company, Inc. is a consolidated company of GMO Internet Group, Inc., and the stable coins “GYEN” and “ZUSD” issued by them are each licensed by the New York State Department of Financial Services (NYDFS). It is a stablecoin that can be used at a 1:1 exchange rate with legal currency.

Until now, it has been offered on Ethereum, etc., but in this announcement, Kentaro Nakamura, CEO of GMO-Z.com Trust Company, Inc., announced that “the first Japanese yen stablecoin in the Solana ecosystem and the new US dollar The launch of stablecoin service is an important milestone in our multi-chain expansion. We are very happy to announce our long-awaited collaboration with Solana to our users. We look forward to integrating GYEN and ZUSD into many projects within the Solana ecosystem.”

In addition, Raj Gokal, co-founder of the Solana blockchain, said, “GMO Trust’s issuance of a stablecoin on the Solana blockchain is a sign that Solana’s high-performance network and low transaction fees will enable companies to scale. “We are making it clear that it is possible to launch regulated financial products in a regulated manner.”

Solana’s on-chain activity has picked up again since October 2023, with total monthly stablecoin remittances exceeding $300 billion as of January.

BREAKING BIG: Solana surpasses $300 billion in monthly stablecoin transfer volume – an all time high. pic.twitter.com/HJpp7xMql2