Komainu supports GMO Trust-issued Japanese yen and US dollar stablecoins with custodian services.
Following a recent partnership, the Jersey-headquartered Komainu is to offer custodian services for the GYEN and ZUSD stablecoins issued by the New York-based limited-purpose trust company GMO-Z.com Trust; the US-regulated stablecoin subsidiary of Japanese financial services and internet conglomerate GMO Internet Group.
GYEN and ZUSD are the regulated JPY stablecoin and USD stablecoin approved by the New York State Department of Financial Services (NYDFS) and are 1:1-backed stablecoins with assets held at Federal Deposit Insurance Corporation (FDIC)-insured banks.
The agreement with the digital asset custodian Komainu will provide the stablecoins with safeguards akin to those that feature in traditional finance while adhering to the relevant compliance procedures.
Speaking on the selection of Komainu, Ken Nakamura, CEO of GMO-Z.com Trust, explains how the custodian service will “pave an innovative way for institutional clients to explore leveraging digital assets.”
“We are particularly excited to collaborate with a company with shared Japanese heritage and hope that this will develop our respective franchises in the Asia-Pacific region as well as globally.”
Darren Jordan, head of sales for Komainu, cites these Japanese roots as essential in the “logical” formation of the partnership.
“Our hybrid wallet infrastructure allows us to support one of the widest blockchain and token offerings in the market and we are particularly excited about increasing stablecoin demand with a lot of opportunities outside of USD stablecoins in particular,” adds Jordan.
GYEN in Asia
This latest move from GMO-Z.com Trust comes less than a month after it formed a very similar partnership with Hex Trust for custodian services of its Japanese yen stablecoin in Asia specifically.
With numerous regional offices, including in Singapore, Hong Kong and Vietnam, the partnership sees Hex Trust extend its Hex Safe platform to GMO-Z.com Trust investors and financial institutions seeking to participate in the wave of web3 sweeping across Asia.
This is in addition to GMO-Z.com Trust’s doubling down on its efforts to make the GYEN accessible to as much of the Asian market as possible, as evidenced through the extension of the coin to Anchorage Digital‘s institutional clients in September of last year.