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The new coins are based on the Japanese Yen and the US dollar
BRD, a crypto app that keeps everything directly on the blockchain, has announced that it has partnered with GMO Trust to help bring its two new stablecoins to market. When the coins launch, BRD will be the first easy-to-use wallet to accept the coins.
Stablecoins get their name by the fact that value is tied to an external resource. With crypto being known for its volatility, stablecoins utilize some of the same blockchain tech, while giving retail and institutional traders a better entry into the sphere. They have seen a drastic rise in the past year, reaching a supply of over $27 billion, a 500% increase in 2020 alone.
GYEN and ZUSD are the two new stablecoins from GMO Trust, with GYEN being based on the Yen and ZUSD being based on the US dollar.
In the press release, it is noted that "GYEN combines the creditworthiness and price stability of the Japanese Yen with the efficiency of blockchain technology and the oversight of U.S. regulators. ZUSD facilitates the same as a digital version of the US dollar."
“It is a great start to the new year to announce that GYEN and ZUSD will be supported in BRD’s ecosystem of retail and institutional customers. The collaboration between BRD and GMO Trust represents an important development in the support and integration of trading and payment methods with stablecoin and blockchain infrastructure,” added Ken Nakamura, CEO of GMO.
BRD currently has over seven million users across its Android and iOS apps and has over $20 billion in assets under its protection.
Adam Traidman, CEO and Co-founder of BRD, states, “At BRD we believe in the value of financial freedom and independence, and want to empower people across the globe by leveraging the possibilities cryptocurrency provides. Stablecoins like GYEN and ZUSD represent a promising payment innovation and financial-grade assets that BRD users can leverage for new payment flows.”
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