Nomura and GMO Join Forces to Launch Yen-Backed Stablecoins in Japan

In a major move for Japan's crypto industry, Nomura Securities and its digital asset subsidiary Laser Digital have teamed up with GMO Internet Group to potentially issue yen-backed stablecoins under Japanese regulations.

The three companies announced on May 27th that they have entered into a basic agreement to study mechanisms for issuing, redeeming and circulating new Japanese yen and U.S. dollar-backed stablecoins for the Japanese market.

They are also considering offering a "Stablecoin-as-a-Service" product to support corporate stablecoin issuance, which would include regulatory compliance management, blockchain integration, and backend transaction management according to the statement.

GMO Internet already issues the yen-backed GYEN and dollar-backed ZUSD stablecoins through its U.S. entity. Under this partnership, Nomura and Laser Digital would focus on crypto trading, asset management, and venture investments while GMO contributes technological expertise.

The move reflects growing stablecoin adoption in Japan. Earlier this year, Mitsubishi UFJ Trust Bank, Progmat, STANDAGE, and Ginco started a joint study on using a "domestically-issued stablecoin" for trade settlement systems.

Meanwhile, yen stablecoin firm JPYC is working with Hokkoku Bank and blockchain company Digital Platformer on interconnecting their respective yen stablecoins. The aim is to enable exchanging Hokurikunittok's deposit-based "Tochica" for JPYC's upcoming fund transfer-type "JPYC" coin to expand use cases like remittances.

As Japanese regulators provide clarity, major financial players are positioning to meet demand for compliant, yen-denominated stablecoins suited for institutional and enterprise blockchain applications.