Crypto Platform Anchorage Digital Supports First Japanese Yen Stablecoin

Anchorage Digital, a regulated crypto platform, will now be supporting GYEN — a stablecoin pegged to the Japanese Yen (JPY). The addition of GYEN comes following the platform’s partnership GMO-Z.com Trust Company, a subsidiary of Japanese financial services and internet conglomerate GMO Internet Group. This recent partnership highlights the stance of Anchorage Digital in backing responsibly regulated stablecoins while expanding institutional trading participation.

The New York State Department of Financial Services (DFS) has approved the GYEN, making it the first regulated JPY stablecoin. It is a 1:1 backed stablecoin with assets held at banks insured by the Federal Deposit Insurance Corporation (FDIC). “GYEN is a great example of what we have long believed: regulated, compliant stablecoins make currencies more competitive globally through faster settlements, greater accessibility, and better affordability. We are pleased to bring our clients yet another stablecoin, offering them exposure to a stablecoin 1:1 with the Japanese Yen,” explained Anchorage Digital co-founder Diogo Mónica.

On the other hand, GMO-Z.com Trust Company CEO Ken Nakamura expressed enthusiasm for their partnership with Anchorage. “Anchorage is a leading firm in regulated custody and crypto trading, and shares our conviction that tier one institutions and traders have embraced stablecoins as an efficient digital asset.” Nakamura added that they selected Anchorage “for their ability to adapt their product to meet growing demand from institutional clients, while appealing to a global, institutional audience.”

“Think about a ride-hailing firm or food delivery company, or payroll or remittances. This is about instant availability of funds and the velocity of money in society,” he added. “Crypto is just implementation detail. It’s just a way that we built on the internet that has caused this to be so cheap.” Stablecoins open new trading paradigms while expanding the use cases of crypto.

However, prudent decision-making dominates the current climate around stablecoins. Even more so after the collapse of terraUSD (UST) — a dollar-pegged stablecoin — and its pair LUNA. Other high-profile crypto firms have also declared bankruptcy, deepening the air of caution. Nonetheless, Mónica affirms that significant discussions surrounding crypto are now being tackled more frequently as the adoption of digital assets widens.

Sources: CoinDesk, The Fintech Times