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Nomura, Laser Digital partner with GMO to explore stablecoin issuance in Japan

The BlockThe Block2024/05/27 10:10
By:The Block

Quick Take The Japanese banking giant intends to explore the issuance of yen-denominated and U.S. dollar-denominated stablecoins in Japan.

Japanese banking giant Nomura and its digital asset arm, Laser Digital, have partnered with Japan-headquartered GMO Internet Group to explore stablecoin issuance in the country.

In a statement released Monday, the companies said they plan to explore the issuance, redemption and circulation of Japanese yen- and U.S. dollar-denominated stablecoins. 

The partnership also plans to offer "stablecoin-as-a-service" products to assist companies in issuing stablecoins. Such offering will likely encompass regulatory compliance management, blockchain integration and backend transaction management, according to the statement.

Through the partnership, Nomura and Laser Digital will focus more on crypto trading, asset management and venture investment, while GMO plans to contribute more on the technology side.

“As the digital asset landscape evolves, the development of a stablecoin for use in the Japanese market will be key to expanding the accessibility and adoption of digital assets in Japan and beyond,” Steve Ashley, executive chairman of Laser Digital, said in the statement.

Previously, GMO-Z.com Trust, GMO’s U.S. subsidiary, issued stablecoins, including GYEN and ZUSD, on various blockchains


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