Nomura, a prominent Japanese banking giant, along with its digital asset arm, Laser Digital, has joined forces with GMO Internet Group, a leading Japanese technology firm, to delve into stablecoin issuance within Japan.

In a joint statement released on Monday, the companies unveiled their plans to investigate the issuance, redemption, and circulation of stablecoins denominated in Japanese yen and U.S. dollars.

The partnership aims to introduce "stablecoin-as-a-service" products designed to aid companies in issuing stablecoins. These offerings are expected to encompass services such as regulatory compliance management, blockchain integration, and backend transaction management.

Nomura and Laser Digital will primarily focus on activities related to crypto trading, asset management, and venture investment, while GMO will contribute its expertise in technology.

Steve Ashley, Executive Chairman of Laser Digital, emphasized the importance of developing a stablecoin tailored for the Japanese market to enhance the accessibility and adoption of digital assets both domestically and internationally.

Notably, GMO-Z.com Trust, a subsidiary of GMO based in the United States, has previously issued stablecoins, including GYEN and ZUSD, on various blockchain networks.

This collaboration underscores the growing interest and commitment of major financial and technology players in Japan towards leveraging stablecoins and digital assets to drive innovation and facilitate financial transactions.