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Anchorage described its partnership with GMO-Z.com Trust Company as a step forward.
Digital asset platform Anchorage Digital has partnered with GMO-Z.com Trust Company to offer GYEN, the Japanese Yen (JPY) stablecoin. The companies have come together to bring the world’s first regulated Japanese Yen stablecoin to all Anchorage’s institutional clients. Notably, The New York State Department of Financial Services (DFS) approved GYEN in 2020. Before the agency gave the green light for GYEN, GMO Internet Inc. had to tick the boxes on its cybersecurity program. It also met the federal standards for anti-money laundering and economic sanctions.
USDT and USDC are examples of stablecoins that have become crypto cornerstones. They are also catalysts for new trading paradigms such as decentralized finance (DeFi). Although there are many other regulated stablecoins, GYEN is the only one pegged to the Japanese Yen. The asset is 100% fiat-backed and always redeemable 1:1. Also, Ethereum’s leading blockchain-based technology powers it.
Anchorage Offers GYEN to Institutional Clients in Partnership with GMO-Z.com
Now, Anchorage Digital and GMO-Z.com Trust Company have come together to offer the stablecoin to former institutional clients. The partnership is a testament to Anchorage’s support for regulated stablecoins. Also, the company’s institutional consumers will have access to the Japanese Yen.
Speaking on the offering of GYEN to its institutional clients through its new relationship with GMO-Z.com Trust Company, Anchorage Digital co-founder and president Diogo Mónica goes:
“GYEN is a great example of what we have long-believed: regulated, compliant stablecoins make currencies more competitive globally through faster settlements, greater accessibility, and better affordability. We are pleased to bring our clients yet another stablecoin, offering them exposure to a stablecoin 1:1 with the Japanese Yen.”
Furthermore, Anchorage described its partnership with GMO-Z.com Trust Company as a step forward. The company said that it is expanding its offerings to institutions in Asia. Asia is a major region that broadly embraces digital assets adoption. It mentioned that the Asia growth would allow the platforms to satisfy its clients’ needs and offer more satisfactory services.
GM-Z.com Trust Company CEO Ken Nakamura also had something to say about the collaboration with Anchorage Digital. Nakamura commented:
“Anchorage is a leading firm in regulated custody and crypto trading, and shares our conviction that tier one institutions and traders have embraced stablecoins as an efficient digital asset. We selected Anchorage as our partner for their ability to adapt their products to meet growing demand from institutional clients, while appealing to a global, institutional audience. We’re thrilled to partner with Anchorage and continue expanding regulated, compliant stablecoin participation globally.”
Recently, Anchorage announced custody for Axelar’s newly-launched AXL token. The company claimed that its clients continuously demand to expand their crypto portfolios.