INX Limited has announced a partnership with GMO-Z.com Trust Company, Inc. The collaboration aims to offer the world’s first regulated stablecoin backed by the Yen or GYEN and made available to both retail and institutional customers. INX will also be integrating GMO Trust’s USD-backed stablecoin, ZUSD. Due to certain restrictions, GYEN and ZUSD will not be offered to residents in Japan.
GMO Trust is a New York-based, regulated stablecoin subsidiary of Japanese Internet and Financial Services conglomerate GMO Internet Group. GMO Group owns and operates a large retail online FX trading platform, a Japanese-regulated Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, and a payment gateway service. INX is the operator of regulated cryptocurrency and digital asset exchange platforms.
GMO CLICK Securities, Inc., the financial service provider of GMO Group, is said to have been ranked the largest retail forex broker in the world by volume for the majority of the last decade. To expand GMO Group’s crypto footprint, GMO Trust was established as a limited purpose trust company regulated in New York and launched the first regulated JPY stablecoin, GYEN, along with ZUSD, a new digital dollar.
Douglas Borthwick, Chief Business Officer at INX, explained that 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.”
Ken Nakamura, CEO of GMO Trust, added that they 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 U.S. regulatory standards. This level of compliance, safety, and technology will attract the largest financial firms to their platform.”