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

Nomura, a leading global financial services group, Laser Digital, a digital asset business, and GMO Internet, the parent company of stablecoin issuer GMO-Z, have joined forces to explore issuing U.S. dollar and yen-based stablecoins in Japan. The collaboration also aims to develop a platform for offering stablecoin issuance services to other companies.

On Monday, these three institutions announced their partnership to delve into the issuance of stablecoins within Japan. Nomura, with its extensive global presence, will work alongside Laser Digital and GMO Internet to establish mechanisms for the issuance, redemption, and circulation of JPY and USD stablecoins. GMO-Z brings its expertise as a stablecoin issuer on Ethereum, Stellar, and Solana blockchains, and its licensing by the New York State Department of Financial Services will help accelerate the technical development of these stablecoins.

Laser Digital, Nomura’s subsidiary focused on digital assets, will leverage its deep experience in digital asset trading, asset management, and venture investment to support this initiative. The partnership will also see the creation of a "stablecoin-as-a-service" platform managed by Laser Digital, aimed at providing stablecoin solutions to other companies. Steve Ashley, Executive Chairman of Laser Digital, emphasized the importance of developing a stablecoin for the Japanese market, highlighting its potential to enhance the accessibility and adoption of digital assets in Japan and beyond.

The stablecoin sector in Japan has seen significant growth since the implementation of a stablecoin-specific regulatory framework in June 2022, which was prompted by the collapse of the algorithmic stablecoin Luna. This regulatory clarity has spurred several initiatives, including MUFG's plan to issue bank-backed stablecoins on public ledgers and Hokkoku Bank's launch of Tochika, Japan's first deposit-backed stablecoin.