Japan’s GMO Internet Group to Launch Yen-Backed Stablecoin in 2019

On Tuesday (9 October 2018), Japan's GMO Internet Group announced via a press release that it is planning to plan to start issuing a yen-backed stablecoin ("GJY") for the Asian region in the fiscal year 2019, and make it available via Z.com

Tokyo-headquarted GMO Internet Group consists of 111 companies worldwide. It serves 10.5 million customers across four business segments: "Internet Finance", "Cryptocurrency" (Mining, Crypto Exchange, and Settlement), "Online Advertising & Media", and "Internet Infrastructure". The biggest part of the business is Internet Infrastructure (51.5% of the business; 9.27 million customers) is made up of "Domain Registry", "Domain Registrar", "Hosting & Cloud", "Security", "Payment", "Ecommerce Solutions", and "Internet Service Provider".

With regard to its crypto mining business, which started in December 2017, its mining operations are based in two countries in Northern Europe. Also, it sells mining hardware: its new "GMO Miner B3" which has a hashing power of 24-33 TH/s and costs $1,999 is supposed to come out later this month.

Also worth mentioning is that GMO Internet owns "Z.com", which is one of only three single-character domain names available in the .com namespace. This is GMO Internet Group's global brand.

GMO Internet is not the only company planning to launch a yen-collateralized stablecoin. Tether, which already supports the dollar and the euro, says in the FAQ section of its website that "soon" it plans to also offer a yen-backed Tether ("JPYT").

Also, on 18 September 2018, South China Morning Post reported that "Grandshores Technology Group, a Hong Kong-listed contractor-turned-blockchain investor, plans to raise HK$100 million (US$12.7 million) via a digital token fund to finance a yen-backed cryptocurrency project." The new stablecoin's launch is expected to take place by the end of 2018 or early 2019.

 

Featured Image Courtesy of GMO Internet Group

First Stablecoin Trading Pair Goes Live on Binance DEX

Venture capital backed blockchain startup Stably, the issuer of USDSB, the first stablecoin to be launched on Binance Chain, has announced that a trading pair for USDSB is going live on Binance DEX today (June 24).

Seattle-based Stably was co-founded by Kory Hoang (Chief Executive Officer), a former Private Equity Data Analyst for PitchBook, David Zhang (Chief Technology Officer, who used to be a Software Development Engineer at Amazon, Amiya Diwan (Chief Product Officer), also a former Software Development Engineer at Amazon, and Bryan Guy (Chief Legal Officer), who is a licensed attorney.

Stably announced on 1 November 2018 the early access launch of its pegged and fully dollar-collateralized stablecoin, StableUSD (USDS), which had first been launched on the Ethereum mainnet on 16 August 2018. Stably said at the time that the fiat reserves were held in FDIC-insured escrow accounts managed by custodian Prime Trust, and that a leading accounting firm, Cohen & Co., would be conducting weekly attestations for these fiat reserves. 

Then, on 1 February 2019, USDS got listed on Binance's centralized exchange (Binance.com), and two trading pairs for it—BNB/USDS and BTC/USDS—went live on 5 February 2018.

Later that month, trading pairs to support trading USDS against four other stablecoins—USDT, USDC, PAX, and TUSD—became available on Binance.com.

On March 18, Stably said that USD had received support from Binance's over-the-counter (OTC) desk. Kory Hoang, the Stably CEO, had this to say at the time:

“Partnering with Binance OTC allows us to provide even more liquidity to trading shops who want to move large amounts between major cryptocurrencies and USDS."

In a blog post published on June 3, Stably announced it was going to issue StableUSD on Binance Chain, and that USDSB, a BEP-2 token, would become the first stablecoin on Binance Chain. Mahraan Qadir, Director of Product Management at Stably, went on to say:

Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second."

He also said:

Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX..."

Well, now, three weeks later, we find out via another blog post by Qadir that USDSB has indeed been listed on Binance DEX and that trading pair BNB/USDSB is going live today on Binance DEX (expected to happen aat 10:00 UTC). Furthermore, he says that Stably is "planning to list USDSB with additional assets on Binance DEX very soon."

Also, according to Qadir, today, two trading pairs for USDSB are being launched on Binance.com: USDSB/USDT and USDSB/USDS.

Featured Image Courtesy of Binance