[NEWS] Nomura and GMO sign memorandum of understanding to issue stable coins

Nomura Holdings, Inc., its subsidiary Laser Digital Holdings AG, which provides digital asset-related services, and GMO Internet Group announced that they have signed a memorandum of understanding to explore mechanisms for the issuance, redemption, and distribution of new Japanese yen and US dollar stablecoins.

Through the memorandum of understanding, the three companies aim to provide the highest level of service in the stablecoin business by leveraging their track record in stablecoin issuance and expertise in digital assets.

GMO-Z.com Trust Company, Inc., a US subsidiary of GMO Internet Group, is licensed by the NYDFS (New York State Department of Financial Services) and has already issued the Japanese yen stablecoin "GYEN" and the US dollar stablecoin "ZUSD" on blockchains such as Ethereum (ETH), Stellar Lumens (XLM), and Solana (SOL).

To support the issuance of stablecoins in Japan, Nomura Holdings will contribute to the project through Laser Digital, leveraging its expertise in digital asset trading, asset management, and venture investment.

Through this agreement, the three companies will consider providing not only the issuance, redemption, and distribution mechanisms for Japanese yen and US dollar stablecoins, but also a "stablecoin as a service" solution aimed at supporting companies that issue stablecoins.

The services will include regulatory and compliance management, blockchain technology integration, and transaction management.

GMO Internet Group is a comprehensive Internet group that develops Internet advertising, media, Internet finance, and cryptocurrency businesses, with its Internet infrastructure business at its core, providing services that form the foundation of Internet business, from domains to security and payment.

In addition, with the goal of becoming the No. 1 corporate group that creates the future with AI, the group is working to save time and costs, improve the quality of existing services, and provide new services to the AI ​​industry by utilizing generative AI with all group partners. Of the approximately 7,400 partners in the group's 110 companies, 49.5% are developers responsible for IT manufacturing.

GMO-Z.com Trust Company, Inc. was established in 2020 as the first Japanese company to obtain a special purpose trust company license from the NYDFS. It issues the world's first Japanese yen stablecoin "GYEN" and US dollar stablecoin "ZUSD" that comply with U.S. banking regulations.

Laser Digital is a subsidiary of Nomura Holdings, Inc., and is working on the digital asset business that redefines the frontier of digital finance. We provide scalable and robust business opportunities in the areas of trading, solutions, asset management and venture investment.

Reference: Announcement
Image: Shutterstock

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