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First Yen pegged stablecoin in New York

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Japanese internet firm GMO has obtained approval from regulators in New York to issue a yen-pegged stablecoin.

This makes GMO the 27th BitLicense recipient to be allowed to engage in virtual currency operations in the state.

According to a press release by the New York Department of Financial Services (NYDFS), GMO has been granted a charter to issue Japanese yen (JPY)-pegged stablecoins in the state. Based on the approval, the Tokyo-based firm will also be able to issue and redeem U.S. dollar-pegged stablecoins as well.

Like many Asian conglomerates, GMO has a history of significant involvement in the crypto and blockchain space. Indeed, the approval now adds another chapter to the company’s virtual currency foray with previous enterprises in the mining and trading arena.

source: beincrypto.com

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