GMO Internet, a Japanese IT giant, has revealed that it plans to develop its stablecoin based on yen (JPY). The stablecoin called GYEN will be released this year.
In 1991 Masatoshi Kumagai founded GMO Internet Inc. In less than 25 years the company has become one of the biggest IT firms in Japan. Now GMO hires almost 6,000 people and generates almost 160 billion JPY in revenue (roughly $1,445 billion).
The first Japanese stablecoin
The Japanese company announced its plans during an earnings presentation to investors held on Tuesday. After the meeting, Kumagai and Masashi Yasuda, the CEO of the company, answered questions from the public. In one of them he said that the company will release its stablecoin this year. The coin will be available overseas.
So far, the company has not revealed where the stablecoin will be issued. The announcement about possible destinations will be released shortly.
GMO goes in crypto
According to the earnings report, the last quarter of 2018 was less profitable than other quarters. The company reported 2.3 billion JPY (about $20.8 million) in revenue for the last 3 months of last year. GMO claims that it is due to the “extraordinary loss of JPY 35,385 million related to the cryptocurrency mining business restructuring.”
The GMO’s GYEN coin isn’t the only attempt to create stablecoin in the region. BxB Inc., a fintech company from South Korea, launched the very first stablecoin backed by the Korean won at the end of last month.
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