Nomura Holdings and Laser Digital have partnered with GMO Internet Group on a new stablecoin-focused project.
The companies will collaborate in the issuance, redemption and circulation of Japanese yen and US dollar-pegged stablecoins in Japan
Nomura Holdings, the Japanese banking and investment giant, is teaming up with GMO Internet Group to explore the issuance of fiat-backed stablecoins in Japan.
The collaboration, according to an announcement published on Monday, will see Nomura Holdings, through its digital assets arm Laser Digital, support the issuance, redemption and circulation of Japanese yen (JPY) and US dollar-(USD) denominated stablecoins.
Eyeing the stablecoin market in Japan
As well as JPY and USD stablecoins, Nomura and GMO plan to offer a “Stablecoin-as-a-Service” solution. The project will support companies looking to issue stablecoins for the Japanese market.
Users of this new service will benefit from aspects such as regulatory compliance management, blockchain integration and backend transactions management.
According to today’s announcement, Nomura will contribute to the project via its extensive expertise in crypto trading, asset management and venture investment. GMO will offer the technological expertise.
“We’re grateful to be cooperating with the Nomura Group to explore the issuance of stablecoins in the Japanese market. Their infrastructure and heritage alongside the experience of Laser Digital, are of paramount importance to the success of this project in Japan,” Masatoshi Kumagai, founder and Group CEO of GMO Internet Group, said in a statement.
“This project has the potential to greatly enhance digital asset accessibility and innovation in the Japanese financial landscape,” Nomura Holdings President and CEO Kentaro Okuda, noted.
Laser Digital and GMO seeing growth
Nomura announced its digital assets subsidiary in March 2022, with Laser Digital now a prominent player in the crypto and blockchain space. Recently, the platform partnered with Pyth Network as a data provider.
GMO-Z.com Trust Company, GMO’s US subsidiary, has issued stablecoins on top blockchains, including Ethereum, Stellar, and Solana.
The NYDFS-chartered platform’s regulatory-compliant stablecoins include GYEN and ZUSD.
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