Cryptoknowmics
2022-09-13 09:52:18

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...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.