Zero Hash partners with GMO Internet on instant settlement in GYEN and ZUSD
GMO-Z.com Trust Company, Inc., the New York-based, regulated stablecoin subsidiary of Japanese Internet and financial services conglomerate GMO Internet Group, and Zero Hash Inc today announced its partnership to bring “GYEN”, the world’s first regulated Japanese yen (JPY) stablecoin, and “ZUSD” to Zero Hash’s settlement network.
Zero Hash, through its proprietary technology and extensive banking partnerships, offers a settlement network in which multiple fiat currencies can be combined with any supported digital asset product pair. Zero Hash can enable real-time transfer in JPY and USD 24 hours a day, seven days a week. Transactions conducted on Zero Hash settle real-time via a ledger mechanism, in FDIC-insured bank accounts and digital asset wallets.
These services are available now to Zero Hash’s institutional customers via its suite of settlement and banking APIs.
GMO Trust’s GYEN and ZUSD stablecoins will be supported on Zero Hash’s settlement network, allowing Zero Hash’s network of customers to not only fund and withdraw with digital JPY anytime, but also settle instantaneously with digital JPY. This means that the same speed, efficiency and availability enabled by Signet/SEN for USD will be available in JPY, eliminating the typical bottlenecks associated with moving and settling with JPY. In many instances, cross-border JPY transfer and settlement can take days to weeks with current financial rails – this will be a problem of the past with Zero Hash.
Kurt Bierbower, GMO Trust’s SVP of Business Development, comments:
“Many of the institutional counterparties we speak with express frustration over transaction times when dealing with JPY, and in partnership with Zero Hash, we set out to solve this problem. Zero Hash enables institutional trading firms, market makers and other counterparties on their network to experience incredible speed and efficiency for JPY funding, settlement, and leveraging their banking network and our stablecoins.”
Let’s note that due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.