GMO Internet, a Tokyo-based internet conglomerate, has won approval from the New York Department of Financial Services to establish a trust company, Trust Company (GYEN), and issue the world’s first regulated JPY-pegged stablecoin, according to a statement. The Japanese yen-backed trust will be called the Trust Company (GYEN) and they will also launch a USD-backed stablecoin (ZUSD). GMO Internet offers a large array of services, including domain hosting, online advertising, and a large foreign exchange platform. There are plenty of other regulated stablecoins, but none are pegged to JPY. The parent company of GMO Trust will take the lead in launching the first regulated JPY-pegged stablecoin along with the US dollar-pegged stablecoin in the U.S. and will be available globally in January, 2021. Their target customers are institutional firms and retail customers for payments, hedging, arbitrage, and settlements. The ruling makes GMO one of only 27 companies licensed to do business in New York with virtual currencies. "We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset,” said Ken Nakamura, president and CEO of Trust Company, in a statement. Development of GYEN started in 2018.