Anchorage Digital Offers Japanese Yen Stablecoin
Through a collaboration with GMO-Z.com Trust Company, a division of the Japanese financial services and internet giant GMO Internet Group, anchorage custody of the GYEN stablecoin is possible. The JPY stablecoin is backed 1:1 by assets held at FDIC-insured institutions and has received approval from the New York State Department of Financial Services (DFS), according to the firms' Tuesday announcement.
USDT And USDC - Cornerstones Of Crypto
Stablecoins like USDT and USDC have emerged as the foundation of the cryptocurrency industry and the driving forces behind new trading paradigms like decentralized finance (DeFi). Diogo Mónica, the co-founder of Anchorage, claims that non-crypto natives are increasingly becoming aware of stablecoins' wide range of applications. The growth of use cases is particularly evident when delivering regulated stablecoins in a local currency, such as the Japanese yen.
Mónica stated in an interview that,
"Think about a ride hailing firm or food delivery company, or payroll or remittances. This is about instant availability of funds and the velocity of money in society. Crypto is just implementation detail. It's just a way that we built on the internet that has caused this to be so cheap."
Collaboration Represents Progress
The collaboration represents progress for Anchorage as they broaden their product offerings to organizations in Asia, a significant engine of the world economy that has embraced digital assets significantly. Growth in Asia enables them to provide customers with round-the-clock market coverage, and it also provides their safe, regulated custody, trading, staking, governance, APIs, and other services to the region's established financial players and crypto-specific exchanges.
GMO-Z.com Trust Company selected Anchorage as its partner because the company has the capacity to modify products to meet rising institutional customer demand while appealing to a worldwide, institutional audience.