New York Authorizes JPY-Backed Stablecoin

New York has authorized a stablecoin backed by the Japanese Yen (JPY) to operate in the United States, the Coin Telegraph reported.

The stablecoin is run by the Japanese firm GMO-Z.com.

“We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset,” said GMO president and CEO Ken Nakamura.