- Nomura Holdings and Laser Digital have partnered with GMO Internet Group on a new project focused on stablecoins.
- The two companies will collaborate on the issuance, redemption and distribution of stablecoins pegged to the Japanese yen and the U.S. dollar in Japan.
Japanese financial and investment conglomerate Nomura Holdings is collaborating with GMO Internet Group to explore the issuance of a fiat-backed stablecoin in Japan.
According to an announcement made on Monday, the collaboration will allow Nomura Holdings to issue, redeem and distribute Japanese yen (JPY) and U.S. dollar (USD)-denominated stablecoins through its digital asset arm, Laser Digital. We plan to support .
Attention to the Japanese stablecoin market
Nomura and GMO plan to offer JPY and USD stablecoins as well as “Stablecoin-as-a-Service” solutions. This project will support companies wishing to issue stablecoins in the Japanese market.
Users of this new service will benefit from aspects such as compliance management, blockchain integration, and backend transaction management.
According to today’s announcement, Nomura will contribute to the project through its extensive expertise in cryptocurrency trading, asset management, and venture investing. GMO will provide technical expertise.
“We are pleased to work with Nomura Group to explore stablecoin issuance in the Japanese market. Their infrastructure and heritage, along with Laser Digital’s experience, are paramount to the success of this project in Japan,” Masatoshi Kumagai, founder and group CEO of GMO Internet Group, said in a statement.
“This project has the potential to significantly improve digital asset accessibility and innovation in the Japanese financial environment,” said Kentaro Okuda, president and CEO of Nomura Holdings.
The growth of Laser Digital and GMOs
Nomura announced its digital asset subsidiary in March 2022, and Laser Digital is now a prominent player in the cryptocurrency and blockchain space. Recently, the platform partnered with Pyth Network as a data provider.
GMO-Z.com Trust Company, GMO’s US subsidiary, has issued stablecoins on top blockchains, including Ethereum, Stellar, and Solana.
Regulatory compliant stablecoins on NYDFS-accredited platforms include GYEN and ZUSD.