GMO-Z.com Trust Company has launched the integration of two of its regulated stablecoins, GYEN and ZUSD, onto the high-speed Solana blockchain. This marks the first time a Japanese yen-pegged stablecoin and a US dollar-backed stablecoin will be available for seamless transactions on Solana’s network.
GYEN is the world’s first regulated Japanese yen stablecoin, fully backed 1:1 with bank deposits. ZUSD is a trusted US dollar stablecoin that is fully reserved as well. The integration, completed on January 23, will allow individuals and institutions to utilize these real-currency stablecoins within Solana’s rapidly growing ecosystem of decentralized apps and services.
According to GMO Trust, integrating with Solana significantly increases transaction speeds for GYEN and ZUSD payments compared to other blockchains. Solana is recognized for supporting over 50,000 transactions per second with very low costs. This enables fast and affordable stablecoin transfers ideal for DeFi, NFTs, crypto payments, and other use cases.
Ken Nakamura, CEO of GMO-Z.com Trust Company, said, “We look forward to integrating GYEN and ZUSD into the multitude of exciting projects that make up the Solana ecosystem in the near future.”
GMO Trust plans to officially launch the trading platform for Solana GYEN and Solana ZUSD on its website on February 14, 2024. This will allow direct access to the stablecoins from Japanese yen or US dollars.
The company views it as a milestone for the first Japan-regulated stablecoin and a new US-dollar stablecoin to arrive on Solana. Integration with the high-performance blockchain further establishes GYEN and ZUSD as useful tools for bridging real currencies with crypto finance.
GMO Trust is also behind the regulated GYEN coin on other chains like Ethereum. It received approval from the New York State Department of Financial Services in 2021, making it the first Japanese yen stablecoin to get certified globally.
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