GMO Web Gets Green Light from New York State to offer Stablecoin that is JPY-Pegged GYEN1 United States Dollar-Pegged Stablecoin, ZUSD2*
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Dec 29, 2020, 11:00 ET
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NEW YORK , Dec. 29, 2020 /PRNewswire/ — GMO Web Inc., the Tokyo -based Web conglomerate, has won approval from the brand new York Department of Financial Services to establish a limited function trust business, GMO-Z.com Trust business, Inc. (“GMO Trust”) and issue the entire world’s very first regulated stablecoin that is JPY-peggedTicker: GYEN).
To win approval for the trust, the organization needed to satisfy strict needs for the cybersecurity programs, along with meet federal standards for anti-money laundering and financial sanctions. The approval enables the organization to introduce both JPY-pegged stablecoin (Ticker: GYEN) and USD-pegged stablecoin (Ticker: ZUSD). Both GYEN and ZUSD could be redeemed and purchased straight from GMO Trust. In addition, GMO Trust has partnered strategically with electronic asset exchanges that run globally to improve the accessibility and liquidity regarding the tokens.