INX Limited, a security token platform and an operator of a regulated crypto exchange, has recently announced its partnership with GMO Trust Company on Tuesday to list Japanese Yen stablecoin. GMO Trust company is a subsidiary of Japanese conglomerate GMO Internet Group.
As per the partnership agreements, INX Limited subsidiary, INX Digital will be listing the regulated Japanese Yen-pegged stablecoin, GYEN for retail and institutional investors, along with the listing of the ZUSD, the USD-backed stablecoin of GMO Trust.
It has been officially revealed that the platform is planning to list the two stablecoins against the US dollar and Bitcoin, but it also has plans to introduce additional pairs in the future.
Shy Datika, the Founder and CEO at INX, said:
“INX is proud to partner with GMO, a global financial services powerhouse that is issuing financial-grade stablecoins. “GMO has a very synergistic portfolio of businesses that directly aligns with our customer base, which we are ideally positioned to service on the digital asset side as a US regulated cryptocurrency platform.”
In addition to this, it should be noted that Forex trading markets execute around $6.6 trillion worth of trades daily, USD/JPY being the second most traded currency pair.
In accordance with Shy Datika, the listing of the stablecoins will be closing the gap between the forex and cryptocurrency markets.
Ken Nakamura, the CEO of GMO Trust, laid an emphasis on the new stablecoins of GMO and said:
“GMO’s new stablecoins, including the first regulated Japanese yen stablecoin GYEN, demonstrate our firm belief that tier one institutional traders are ready to embrace innovative digital assets.”
Along with this, Nakamura was excited to bring these stablecoins to the leading exchange of the INX industry. Ken said:
“We’re thrilled to bring these stablecoins to INX’s industry-leading exchange, which is built in accordance with top US regulatory standards. Traditional FX brokers are actively exploring 24/7 digital FX through the utilization of stablecoins. We’re confident that the INX platform will attract the largest financial firms with its advantages in compliance, safety and technology.”