GMO Trust has announced that it will be partnering with INX Limited. The collaboration will give rise to the first regulated Japanese yen (JPY) stablecoin available to retail and institutional investors.
GMO Trust is a New-York based subsidiary of GMO Internet Group, a Japanese financial giant firm. The partnership shows that INX has gained an edge in the financial industry, given that GMO has a heavy presence in the Japanese FX market, banking sector, and crypto sector.
A Crucial Partnership
By collaborating with GMO Trust, INX will integrate the ZDUSD stablecoin pegged on the USD. INX Limited is a major player in the financial sector. The company owns several regulated exchange platforms and is behind developing the first security initial public offering (IPO) registered by the SEC. However, the GYEN and ZUSD tokens will not be available to Japanese residents because of regulatory restrictions.
Douglas Borthwick, the Chief Business Officer at INX, stated, “INX is proud to partner with a global financial services powerhouse that is issuing financial-grade stablecoins. GMO has a very synergistic portfolio of businesses that directly align with our institutional customer base, which we are ideally positioned to service on the digital asset side as a US regulated exchange.”
INX Limited offers regulated trading services related to digital assets. The team at INX is spearheaded by market experts who have worked in the business, finance, and blockchain sectors.
About GMO Internet Group
GMO Internet Group is a global leader in the internet sector and digital asset space. The firm was launched in 1991, and it operates the largest retail online FX trading platform globally. The headquarters of this company is based in Tokyo, Japan. The group’s subsidiary, GMO Trust, aims to incorporate traditional finance into the blockchain sector.
Ken Nakamura, the CEO of GMO Trust, stated that “We’re now entering into a new era where highly regulated exchanges are preparing to service tier one institutional traders. We’re thrilled to be working with INX, who have built their exchange in accordance with top US regulatory standards. This level of compliance, safety, and technology will attract the largest financial firms to their platform.”
In May, GMO Click, the financial service provider for GMO Group, recorded a decline in the FX Neo monthly trading volumes. The volumes dipped by 15.8% month-on-month compared to March. In April, the total accounts on FX Neo came in 711,700, which was higher than the 709,122 reported the previous month.