Nomura Holdings has joined forces with GMO Internet Group to investigate the potential for launching stablecoins tied to Japan’s yen and the dollar. This collaboration also ropes in Laser Digital Holdings, a Nomura subsidiary specializing in digital asset trading and management.
Compliance and Innovation
The initiative aims to delve into the issuance, redemption, and circulation processes for a JPY/USD stablecoin enterprise within Japan’s financial sector. Ensuring compliance with the 2022 regulations, which demand registration with Japan’s Financial Services Agency before any stablecoin launch, forms a core part of their strategy.
Moreover, these stablecoins will be fully backed by fiat currencies, aligning with legal requirements that rule out unbacked algorithmic types like the troubled TerraUSD.
This partnership marks a step towards enhancing digital asset access and innovation in Japan, promising to boost the financial landscape through regulated and reliable digital currencies.
It also includes the implementation of a “Stablecoin-as-a-Service” solution to assist companies issuing stablecoins. This service will cover regulatory compliance, blockchain technology integration, and backend transaction management.
Nomura Holdings CEO Kentaro Okuda said, “As stablecoins will inevitably play an important part in financial markets, Nomura and its Digital Asset subsidiary Laser Digital are excited to partner with GMO to explore the issuance, redemption, and circulation mechanisms of a JPY / USD stablecoin business in Japan. This project has the potential to greatly enhance digital asset accessibility and innovation in the Japanese financial landscape.”
Also Read: Chainlink and Arta TechFin Expand Digital Asset Partnership
