NYDFS licensed two stablecoins ZUSD and GYEN
New York regulator NYDFS has licensed the first Japanese yen-pegged stablecoin (GYEN), as well as the dollar-pegged stablecoin (ZUSD)
GYEN is the first stablecoin besides the US dollar to receive NYDFS approval. Both cryptocurrencies will be issued by the trust company GMO-Z.com in January 2021.
The stablecoins will run on the Ethereum blockchain and will be used in money transfers and lending programs. The coins are expected to appeal to both retail and institutional investors.
To increase liquidity, the company will list coins on cryptocurrency exchanges. However, the stable yen and the new dollar will not be available in Japan.
According to the regulator's representatives, the issuing company has passed a strict check for compliance with cybersecurity standards, as well as KYC and AML standards.
This is not surprising, since GMO has been engaged in cryptocurrencies and mining for several years. It operates a regulated crypto exchange in Japan.