GMO-Z.com Trust Company Partners with Wyre to Make the First Regulated JPY Stablecoin Accessible to All Developers

Rhea-AI Summary

GMO-Z.com Trust Company has partnered with Wyre, Inc. to integrate its regulated Japanese yen stablecoin, GYEN, into Wyre's payment platform. This partnership aims to provide developers with access to a range of financial services, including global payouts and crypto-to-fiat exchanges. GYEN is the first regulated JPY stablecoin approved by the New York State Department of Financial Services. The integration promises to lower barriers for digital asset payments, enhancing operational efficiency for developers and financial technology firms.

Positive

• Partnership with Wyre to integrate GYEN into Wyre's payment products enhances accessibility.
• GYEN is the first regulated JPY stablecoin approved by the NYDFS, providing credibility.
• Wyre's platform offers a comprehensive suite for digital asset management, potentially driving adoption.

Negative

• Regulatory restrictions prevent offering GYEN and ZUSD to Japanese residents.

NEW YORK, June 4, 2021 /PRNewswire/ -- GMO-Z.com Trust Company, Inc. ("GMO Trust"), the New York-based, regulated stablecoin subsidiary of Japanese Internet conglomerate GMO Internet Group ("GMO Group"), announced a partnership with Wyre, Inc. ("Wyre"), the payment company powered by blockchain. The partnership is designed to integrate the world's first regulated Japanese yen (JPY) stablecoin, ticker symbol: GYEN, onto Wyre's Payment suite of API-driven products, including payments, global payouts, wallets, crypto to fiat exchange and foreign exchange solutions . GYEN is the first regulated JPY stablecoin approved by the New York State Department of Financial Services (NYDFS).    

Lowering the Barriers to Digital Assets

Wyre provides developers around the world with a compliant, stable foundation for digital asset payment integrations. By facilitating in-platform on and off ramping, Wyre's APIs will shorten the distance between GYEN and its end users, giving developers the tools they need to integrate GYEN into applications anyone can use. Wyre has also integrated ZUSD, GMO Trust's financial-grade USD-pegged stablecoin.

Through Wyre's robust API suite, partners will now be able to seamlessly: 1) Accept localized payment methods; 2) Send global payouts, available in up to 130 countries; 3) Send, receive and manage cryptocurrencies through secure wallets; 4) Exchange fiat and crypto, including foreign exchange with competitive rates. These capabilities offer financial technology companies and digital asset firms the benefits from using regulated digital fiat to power their businesses, which are significantly faster and more cost efficient than traditional fiat.

Please note that due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.

GMO Internet Group and GMO Trust

GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance, and the digital asset space since its inception in 1991. It operates the world's largest online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway, and regulated stablecoins. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For more information, please visit https://www.gmo.jp/en/.

GMO Trust, based in New York, is a Limited Purpose Trust Company, regulated by the New York Department of Financial Services. Issuing the world's first regulated JPY stablecoin "GYEN", GMO Trust also offers a USD stablecoin "ZUSD". GMO Trust is on a mission to bring traditional finance into the digital age with blockchain services. For more information on GMO-Z.com Trust Company, Inc., visit https://stablecoin.z.com. 

Wyre, Inc.

Wyre is producing an innovative cross-border payment API delivered via blockchain technology. Targeting businesses, the solution is faster and cheaper than traditional financial methods. The group offers same-day settlements with miniscule fees, having moved over $750 million in payments since its inception. Wyre provides customers with seamless cryptocurrency management tools integrated right into their applications. Customers can sell and hold cryptocurrencies, provide exchange services, and accept fiat currencies of all kinds. Wyre has been involved in the crypto space since 2013, supporting customers in over 50 countries worldwide, and empowering them with blockchain technology, ensuring the move to Web 3.0 is as smooth as possible. For more information, please visit www.sendwyre.com.

Press Inquiries
Ryan Graham
JConnelly
TEL: 862-777-4274
Email: rgraham@jconnelly.com

GMO-Z.com Trust Company, Inc.
Email: pr@gmo-trust.com

Wyre
Victoria Grigoryants (PR)
Email: victoria@sendwyre.com  

Copyright (C) 2021 GMO-Z.com Trust Company, Inc. All Rights Reserved.

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SOURCE GMO Internet Group

FAQ

What is the partnership between GMO-Z.com Trust and Wyre about?

GMO-Z.com Trust has partnered with Wyre to integrate its regulated JPY stablecoin, GYEN, into Wyre's payment platform.

What is GYEN and its significance?

GYEN is the world's first regulated Japanese yen stablecoin approved by the New York State Department of Financial Services.

How will developers benefit from the Wyre API integration?

Developers will have enhanced tools for accepting payments, managing cryptocurrencies, and conducting exchanges using GYEN.

When was the partnership between GMO Trust and Wyre announced?

The partnership was announced on June 4, 2021.

What are the limitations regarding GYEN and ZUSD?

Due to regulatory restrictions, GYEN and ZUSD will not be available to Japanese residents.