Anchorage Digital Offers Japanese Yen Stablecoin

Anchorage Digital, a regulated cryptocurrency custody platform, is providing a Japanese yen (JPY) stablecoin as an addition to its digital U.S. dollar and euro custodial solutions and to assist fintech use cases in Japan ranging from payments to payroll. Through a collaboration with GMO-Z.com Trust Company, a division of the Japanese financial services and internet giant GMO Internet Group, anchorage custody of the GYEN stablecoin is possible. The JPY stablecoin is backed 1:1 by assets held at FDIC-insured institutions and has received approval from the New York State Department of Financial Services (DFS), according to the firms’ Tuesday announcement. USDT And USDC – Cornerstones Of Crypto Stablecoins like USDT and USDC have emerged as the foundation of the cryptocurrency industry and the driving forces behind new trading paradigms like decentralized finance (DeFi). Diogo Mónica, the co-founder of Anchorage, claims that non-crypto natives are increasingly becoming aware of stablecoins’ wide range of applications. The growth of use cases is particularly evident when delivering regulated stablecoins in a local currency, such as the Japanese yen. Mónica stated in an interview that, “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. Crypto is just implementation detail. It’s just a way that we built on the internet...