Nomura, a global financial services group, Laser Digital, a digital asset-based business, and GMO Internet, the parent company of stablecoin issuer GMO-Z, have partnered to explore the issuance of U.S. dollar and yen based stablecoins in Japan. The partnership also contemplates the development of a platform to offer stablecoin issuance services to other companies.

Nomura, Laser Digital, and GMO Internet Establish Alliance to Explore Stablecoins in Japan

Institutions are jumping into the stablecoin bandwagon in Japan. On Monday, Nomura, a global financial services company with a presence in over 30 countries, Laser Digital, a digital asset business, and GMO Internet, the parent company of stablecoin issuer company GMO-Z, announced a partnership to explore the issuance of stablecoins in Japan.

In a press release, Nomura disclosed that this alliance would “explore the issuance, redemption, and circulation mechanisms of JPY and USD stablecoins” in Japan. The partnership will leverage GMO-Z’s expertise as a stablecoin issuer on the Ethereum, Stellar, and Solana blockchains, and its license issued by the New York State Department of Financial Services to expedite the technical design of these stablecoins.

Laser Digital, Nomura’s digital asset subsidiary, will support the issuance of this stablecoin with “its extensive expertise in digital asset trading, asset management, and venture investment to the project.” The partnership also entails the provision of a “stablecoin-as-a-service” platform, which Laser Digital will manage to offer stablecoin opportunities to other companies.

On this, Laser Digital Executive Chairman Steve Ashley stated:

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.

The stablecoin arena in Japan has exploded since the approval of a stablecoin-specific regulatory framework in June 2022, motivated by the collapse of Luna, an algorithmic stablecoin. Since then, MUFG, the largest bank in Japan, announced it would issue bank-backed stablecoins in public ledgers, and Hokkoku Bank launched Tochika, the first deposit-backed stablecoin in the country.

Source : Bitcoin News / May 29, 2024