Anchorage Digital has partnered with GMO-Z.com Trust Company to offer institutional investors custody and trading services for GYEN, the world’s first regulated Japanese Yen-backed stablecoin. GMO-Z.com Trust Company, Inc. is the U.S.-regulated stablecoin subsidiary of Japanese financial services and internet conglomerate GMO Internet Group. GYEN is the first JPY stablecoin approved by the New York State Department of Financial Services and is a 1:1 backed stablecoin with assets held at FDIC-insured banks.
The move follows Anchorage Digital’s recent deal to cover AXL, the newly launched token that will play a central role on the Axelar blockchain, which is expected to be live at the end of September 2022. Axelar is a blockchain delivering secure cross-chain communication that enables dApp users to interact with any asset or application, on any chain, with one click.