GMO-Z.com Trust Company Announces Launch of Stablecoins GYEN and ZUSD on Bitstamp
Partnership Enables Seamless Fiat-to-Crypto Transactions on the Stellar Network
NEW YORK — June 14, 2024 — GMO-Z.com Trust Company, Inc. (“GMO Trust”) announced the listing of the Japanese yen (“JPY”) stablecoin, GYEN, and ZUSD, the U.S. dollar (“USD”) stablecoin on the leading cryptocurrency exchange Bitstamp. This collaboration allows users to seamlessly trade GYEN and ZUSD on Bitstamp, providing a trusted and secure entrance to interact with digital assets on the Stellar network.
Seamless Fiat-to-Crypto Integration
The integration of GYEN and ZUSD pairs on Bitstamp leverages the strengths of the Stellar blockchain, ensuring cost-efficient, fast, and secure transactions. It streamlines the on/off ramp process which allows users to easily convert fiat currencies into stablecoins and vice versa, enhancing the flexibility of trading opportunities and access to digital assets.
GYEN and ZUSD are fully reserve backed stablecoins regulated by the New York Department of Financial Services (NYDFS). Both stablecoins are 1:1 redeemable with their underlying fiat currencies, USD and JPY, respectively.
Quotes:
Ken Nakamura, CEO of GMO-Z.com Trust Company, Inc., said: “Our partnership with Bitstamp upholds shared values — stringent regulatory compliance and robust security standards. Introducing our regulated stablecoins, GYEN and ZUSD, to Bitstamp’s users brings a secure, efficient gateway to engage with digital assets, and empowers users to engage with digital assets with peace of mind.”
Jean-Baptiste Graftieaux, Global Chief Executive Officer, Bitstamp., said: “We’re pleased to announce our partnership with GMO Trust, which addresses the growing demand for easily accessible and secure digital asset solutions. GYEN and ZUSD are approved by NYDFS, offering trusted choices for users to engage with the crypto economy and diversify their portfolios.”
Jason Chlipala, Chief Business Officer, Stellar Development Foundation, said: “The infrastructure, speed, and low cost of the Stellar network make it an ideal platform for trusted digital currency issuers like GMO Trust. Collaborating with Bitstamp expands access to GMO Trust’s GYEN and ZUSD stablecoins and the Stellar network gives users the ability to make seamless cash-to-crypto transactions. This is another exciting addition to the growing Stellar ecosystem.”
Disclaimer: Please note that currently GYEN and ZUSD will not be provided to residents in the EU and certain other regions. For detailed information on service availability, please refer to Bitstamp’s official website.
About Bitstamp
Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance, with more than 50 licenses and registrations secured with financial regulators across the globe. Bitstamp is the only crypto exchange to receive seven consecutive AA ratings on CC Data’s Exchange Benchmark report.
More info is available at https://www.bitstamp.net/
About Stellar
Stellar is more than a blockchain. Powered by a decentralized, fast, scalable, and uniquely sustainable network made for financial products and services and a thriving and passionate ecosystem that includes a non-profit organization driven by a mission, Stellar is paving the path to unlock the world’s economic potential through blockchain technology. Built with speed and low costs in mind, the Stellar network provides builders and financial institutions worldwide a platform to issue assets, and to send and convert currencies in real time creating real world utility. Founded in 2014, the Stellar Development Foundation (SDF) supports the continued development and growth of the Stellar network and also serves the ecosystem of NGOs, corporations, universities, small businesses, governments, and solo entrepreneurs building on the Stellar network through tooling, funding and strategic collaborations. Together, Stellar is where blockchain meets the real world.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit stellar.org/foundation.
About GMO-Z.com Trust Company, Inc.
Established in 2020 and chartered by the NYDFS as a limited purpose trust company, GMO-Z.com Trust Company bridges traditional finance and blockchain technology by issuing regulatory-compliant stablecoins like GYEN and ZUSD on various blockchain networks.
GMO Trust aims to support borderless payments and transactions using digital assets through the issuance of “GYEN”. GMO Trust expects stablecoins to be utilized by businesses and developers as a programmable open-source money. Furthermore, GMO Trust will continue to collaborate with cryptocurrency exchanges and businesses to create use cases for “GYEN” and “ZUSD”.
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