Japanese IT Giant GMO Confirms Launch of Yen-Backed Stablecoin GYEN in 2019

Japanese IT giant GMO Internet confirmed that it’s going to launch its yen-backed stablecoin GYEN this year.

Japanese IT giant GMO Internet has confirmed that it plans to launch its yen-backed stablecoin GYEN this year, Cointelegraph Japan reported today, Feb. 12.

The news was revealed during an earnings presentation to investors held today, after GMO released financial results for the fiscal year ending Dec. 31, 2018.

The firm’s founder and CEO, Masatoshi Kumagai, as well as chief financial officer, Masashi Yasuda, answered questions from attendees. Following a question about the firm’s previously announced stablecoin, one of the executive answered:

“Regarding the plan to launch GYEN as announced last year, we plan to issue it in overseas this year.”

The company execs also revealed that the firm has set up a subsidiary and appointed a person responsible for GYEN operations to issue the stablecoin in…

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2019-02-12 20:22:00

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