Home / Market Update / Cryptocurrency / New York Authorizes JPY-Backed Stablecoin

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.

Check Also

Bitcoin and Crypto Market Overview

Bitcoin rose by 0.6% to $114,268.8, steadying after logging steep losses in the past week. …