Nomura, Laser Digital, and GMO Internet Partner to Explore Stablecoin Issuance in Japan

Nomura, a global financial services firm, has partnered with Laser Digital, a digital asset company, and GMO Internet, the parent company of stablecoin issuer GMO-Z, to explore issuing US dollar and yen-based stablecoins in Japan. This collaboration aims to leverage their combined expertise to develop and promote stablecoins within the Japanese market.

Additionally, the alliance intends to create a platform that other companies can utilize to issue their own stablecoins. This initiative 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 greater financial inclusion.

Nomura, Laser Digital, and GMO Internet Collaborate on Stablecoin Development in Japan

In Japan, institutions are increasingly adopting stablecoins. On Monday, Nomura, a global financial services corporation operating in over 30 countries, announced a partnership with Laser Digital, a digital asset company, and GMO Internet, the parent company of stablecoin issuer GMO-Z, to explore the issuance of stablecoins in Japan.

The collaboration aims to investigate 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, and its license from the New York State Department of Financial Services, the partnership seeks to accelerate the technical development of these stablecoins.

Laser Digital, Nomura’s digital asset subsidiary, will contribute its expertise in digital asset trading, asset management, and venture investment to the project. This partnership will also establish a “stablecoin-as-a-service” platform, enabling Laser Digital to offer stablecoin solutions to other businesses.

Key Points:

• Issuance Exploration: Investigating JPY and USD stablecoins in Japan.
• Technical Expertise: Utilizing GMO-Z’s blockchain experience.
• Service Platform: Creating a stablecoin platform for other businesses.

This collaboration signifies a significant step towards integrating stablecoins into Japan’s financial system, offering new opportunities for digital transactions and financial innovation.

Laser Digital Highlights Importance of Stablecoin Development in Japan

Steve Ashley, Executive Chairman of Laser Digital, emphasized the importance of creating a stablecoin for the Japanese market. He stated that as the digital asset landscape evolves, a stablecoin will significantly enhance the accessibility and adoption of digital assets in Japan and globally.

In June 2022, Japan introduced a regulatory framework specifically for stablecoins. This move was partly influenced by the collapse of Luna, an algorithmic stablecoin, which spurred rapid growth in Japan’s stablecoin market.

Since then, notable developments include:

• MUFG Plans: Japan’s largest bank, MUFG, announced its intention to issue bank-backed stablecoins on public ledgers.
• Hokkoku Bank Launch: Hokkoku Bank introduced Tochika, Japan’s first deposit-backed stablecoin.

These advancements highlight Japan’s commitment to integrating stablecoins into its financial system, fostering innovation and stability in digital transactions.