GMO Internet partners with INX on US Regulated Stablecoins
Japanese financial giant GMO Internet has announced that its GMO-Z.com Trust Company unit is partnering with INX Limited, the owner of regulated cryptocurrency and digital asset exchange platforms, to provide the world’s first regulated Japanese yen (JPY) stablecoin, GYEN, to retail and institutional investors through its subsidiary, INX Digital.
INX will also be integrating GMO Trust’s USD-backed stablecoin, ZUSD.
GMO Trust is the New York-based, regulated stablecoin subsidiary of Japanese Internet and Financial Services conglomerate GMO Internet Group. This represents a heavyweight partner in the financial industry for INX, with GMO Group owning and operating the world’s largest retail online FX trading platform by volume, a Japanese regulated Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation and a payment gateway service.
GMO CLICK Securities, Inc., the financial service provider of GMO Group, has been ranked the largest retail forex broker in the world by volume for the majority of the last decade. To expand GMO Group’s cryptocurrency footprint, GMO Trust was established as a limited purpose trust company regulated in New York and launched the first regulated JPY stablecoin, GYEN, along with ZUSD, a new digital dollar.
INX Limited launched the first SEC-registered digital security IPO for both retail and institutional investors, a first of its kind offering. INX Limited is uniquely positioned to offer retail and institutional investors and traders access to both digital assets and cryptocurrencies through both of its platforms.
“INX is proud to partner with a global financial services powerhouse that is issuing financial-grade stablecoins.” Douglas Borthwick, Chief Business Officer at INX said, “GMO has a very synergistic portfolio of businesses that directly align with our institutional customer base, which we are ideally positioned to service on the digital asset side as a US regulated exchange.”
“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.”
Due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.
GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance and the digital asset space since its inception in 1991. It operates the world’s largest retail online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway, and regulated stablecoins. GMO Internet, Inc. (TSE:9449) is headquartered in Tokyo, Japan.
GMO Trust, based in New York, is a Limited Purpose Trust regulated by the New York Department of Financial Services (NYDFS). Issuing the world’s first regulated JPY stablecoin “GYEN”, GMO Trust also offers a USD stablecoin “ZUSD”. GMO Trust is on a mission to bring traditional finance into the digital age with blockchain services.
INX Limited aims to provide a regulated trading platform for digital securities, combining traditional market expertise with a novel technology-driven approach. INX is led by an experienced team of business, finance, and blockchain technology experts unified by the vision of redefining the world of capital markets by leveraging blockchain technology and a fully regulated approach.