As the popularity of stablecoins grows, organisations are looking to make them more accessible. The latest to do so in Japan, working on the first Japanese Yen (JPY) stablecoin, GYEN, is OwlTing Group, the blockchain fintech company, as it partners with GMO-Z.com Trust Company, Inc. (GMO Trust).
Stablecoins are slashing high fees and reducing delays, challenges that have faced the cross-border payments sector for decades. According to a recent industry report, traditional remittance costs often exceed six per cent per transaction. Meanwhile, stablecoin transfers cost less than one per cent with just seconds in settlement.
By integrating GYEN and ZUSD (USD stablecoin issued by GMO Trust) into the company’s digital wallet, OwlPay Wallet Pro, OwlTing will bridge traditional and digital finance, enabling businesses and individuals to leverage stablecoins for fast, low-cost global payments. In the near future, it is also looking to integrate adopted USDC, EURC (EUR-pegged), GYEN, and ZUSD stablecoins into its platform.
Once the feature update is available, the wallet will have coverage of USD, EUR, and JPY, three of the world’s most traded fiat currencies. This adaptability ensures users to transact stablecoins across borders with ease, backed by full fiat reserves and 1:1 redeemability for a high level of trust.
Making cross-border payments between the US and Japan easy
In 2024, the annualised transaction value of stablecoins overtook Visa and Mastercard, signaling their dominance in digital finance. OwlTing’s partnership with GMO Trust aims to leverage GYEN for practical use, such as allowing users in the US to send GYEN to their business partners or families in Japan, offering a stable alternative to conventional systems while enabling effective hedging against currency fluctuations and market volatility.
“Our alliance with GMO Trust accelerates our mission to redefine global financial connectivity,” said Darren Wang, founder and CEO at OwlTing Group. “By amplifying the reach of GYEN and enhancing our stablecoin suite, we’re unlocking Japan’s digital payment potential and building a scalable platform for a borderless economy.”
“Partnering with OwlTing furthers our strategy to lead the stablecoin revolution,” said Ken Nakamura, CEO at GMO-Z.com Trust Company, Inc. “Delivering GYEN and ZUSD via OwlPay Wallet Pro will expand our global footprint, creating new opportunities in the intersection of traditional and digital markets.”
