In a recent development, Nomura, a financial services company with a global presence, Laser Digital, a digital asset firm, and GMO Internet, the parent company of GMO-Z, a stablecoin issuer, have formed a partnership to explore the development of yen and dollar-based stablecoins in Japan ¹. This alliance aims to leverage the combined expertise of the three companies to create and promote stablecoins within the Japanese market.

Key aspects of the partnership include ²:

- Investigating the mechanisms for issuing, redeeming, and circulating Japanese yen (JPY) and US dollar (USD) stablecoins within Japan

- Leveraging GMO-Z’s experience as a stablecoin issuer on Ethereum, Stellar, and Solana blockchains

- Utilizing GMO-Z’s license from the New York State Department of Financial Services to expedite the technical design of these stablecoins

- Contributing Laser Digital’s expertise in digital asset trading, asset management, and venture investment to the project

- Establishing a “stablecoin-as-a-service” platform, enabling other companies to issue their own stablecoins

This partnership is part of a broader effort to enhance the digital asset ecosystem in Japan by providing reliable and regulated stablecoin solutions, facilitating smoother transactions, and promoting greater financial inclusion ². The development of a stablecoin for use in the Japanese market is seen as crucial for expanding the accessibility and adoption of digital assets in Japan and beyond.

The stablecoin landscape in Japan has experienced significant growth since the approval of a stablecoin-specific regulatory framework in June 2022 ¹. This growth was motivated by the collapse of Luna, an algorithmic stablecoin, and has led to major banks such as MUFG announcing the issuance of bank-backed stablecoins in public ledgers, and Hokkoku Bank launching Tochika, the first deposit-backed stablecoin in the country.

The partnership between Nomura, Laser Digital, and GMO Internet demonstrates the increasing interest in stablecoins and their potential applications in Japan. As the digital asset landscape continues to evolve, such alliances are likely to play a crucial role in shaping the future of stablecoins and digital assets in the country.