GMO Trust and Komainu partner on stablecoin custody service
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GMO Trust and Komainu partner on stablecoin custody service 06 March 2023US Reporter: Lucy Carter
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GMO-Z.com Trust Company (GMO Trust) and digital asset custody service provider Komainu have partnered to launch a custody service for GYEN and ZUSD, the regulated Japanese yen and US dollar stablecoins.
Through the service, clients will benefit from the same safeguards and protections standard of traditional finance. By maintaining a high-standard compliant custody framework, users will be able to consolidate and interact with digital assets, Komainu says.
GYEN and ZUSD are 1:1 backed and have been approved by the New York State Department of Financial Services. Assets are held at banks insured by the Federal Deposit Insurance Corporation.
Ken Nakamura, CEO of GMO Trust, comments: “We believe bridging the regulated JPY and USD stablecoins with the most advanced compliant custody solutions 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 APAC region as well as globally.”
Darren Jordan, head of sales at Komainu, adds: “Our institutional-grade hybrid wallet infrastructure allows us to support one of the widest blockchain and token offerings in the market. We are particularly excited about increasing stablecoin demand, with a lot of opportunities outside of USD stablecoins in particular.”
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