GMO Internet, a Japanese digital service company has announced that it will start full-scale preparations to launch a Yen-based stablecoin with a view to entering “payment service” in the cryptocurrency sector.
GMO Internet will launch a Japanese yen-pegged currency through “Z.com,” the global brand of GMO Internet Group, in Asian countries in 2019. GMO Internet Group has already entered the cryptocurrency exchange business in May 2017 and mining business in December 2017 but was still conducting research in the payment domain to learn whether cryptocurrencies can be used as payment currencies in terms of their volatility.
In fact, there are 57 stablecoins globally, of which 23 are already in circulation. Total market capitalization of stablecoins reached 3 billion dollars and the transaction volume of “Tether” with the highest transaction volume among the stablecoins is the second largest behind Bitcoin among all cryptocurrencies.