Anchorage Digital has announced that it will provide custody services and trading for a Japanese Yen-based stablecoin GYEN. The service is being offered in partnership with GMO-Z.com Trust Company. GYEN is said to be the world’s first yen-backed stablecoin.
GYEN is also said to be the first JPY stablecoin approved by the New York State Department of Financial Services (DFS). The digital asset is a 1:1 backed stablecoin with assets held at FDIC-insured banks. Institutional traders will now have another path to interact with JPY, one of the world’s most traded currencies.
Diogo Mónica, Co-Founder and President of Anchorage Digital, said that GYEN is a great example of what they believe in – regulated and compliant stablecoins that have the ability to make currencies more competitive with faster settlements and more affordability.
“Anchorage is a leading firm in regulated custody and crypto trading, and shares our conviction that tier one institutions and traders have embraced stablecoins as an efficient digital asset,” said Ken Nakamura, CEO of GMO-Z.com. Nakamura explained they selected Anchorage for their ability to adapt their product to meet demand from institutional clients:
“We’re thrilled to partner with Anchorage and continue expanding regulated, compliant stablecoin participation globally.”
Anchorage added that serving the yen-based stablecoin is emblematic of their expansion to service institutions in Asia. Anchorage added that Asia growth allows them to meet their clients’ needs for 24/7 market coverage, in a secure, regulated custody, trading and staking, environment.