GMO Internet has shared plans for the release of stablecoin

Japanese IT giant GMO Internet has begun testing its own blockchain linked to the Japanese yenstablecoin GMO Japanese Yen (GYEN).

The stablecoin will be launched through the cryptocurrency exchange Z.com, a «subsidiary» GMO Internet. The company has already sent out applications to Japanese regulators for the licenses needed to launch GYEN.

It is expected that the new stablecoin will allow payments and transfers with small commissions.

“Volatility is one of the main problemscryptocurrency market. Unlike conventional cryptocurrencies, stablecoins are becoming increasingly popular, because they are provided with fiat currencies or other real assets. ”– comments the management of GMO Internet.

The launch of GYEN is scheduled for the 1st quarter of 2020.

Recall that in February, the GMO Internet bitcoin division reported a $ 12 million loss in 2018.