Celsius and GMO Trust Expand Regulated USD Stablecoin Lending Market
NEW YORK, May 7, 2021 /PRNewswire/ -- GMO-Z.com Trust Company, Inc. ("GMO Trust"), the New York-based, regulated stablecoin subsidiary of Japanese Financial Services and Internet conglomerate GMO Internet Group, embarks on a new partnership with Celsius, the industry-leading cryptocurrency lending platform. Customers will be able to use ZUSD, a regulated, USD-pegged stablecoin issued by GMO Trust, as collateral for crypto-backed loans.
ZUSD will be initially listed on Celsius platform and available for reward-earning accounts. With annual percentage yields soaring on regulated stablecoins, customers can use ZUSD on Celsius to generate high yield, replacing their traditional savings accounts that are producing minimum yield.
Alex Mashinsky, CEO of Celsius stated, "As the first phase of our partnership, ZUSD will be supported across our product portfolio, enabling our global client base to earn interest with this USD-backed digital asset. In the future, we'll work together on supporting GMO Trust's GYEN, the first regulated JPY-pegged stablecoin, and create an active lending market for it as well. That will be interesting with a negative-yield fiat currency."
The Celsius platform currently supports twelve stablecoins pegged to various stable currencies around the world. ZUSD will be designed to bridge the gap between traditional finance and the digital asset world for the usage of stablecoins, crypto savings, lendings, open finance and DeFi.
Ken Nakamura, CEO of GMO Trust explained, "We are excited to be working with Celsius to offer a meaningful earning opportunity where customers holding ZUSD can earn a significant amount of yield. We see this as the future of traditional savings accounts, with stablecoin lending providing a less volatile method of earning return on assets."
*Please note that due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.
About GMO Internet Group and GMO Trust
GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance and the digital asset space since its inception in 1991. It operates the world's largest online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway and a regulated stablecoin. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For more information, please visit https://www.gmo.jp/en/.
GMO Trust, based in New York, is a Limited Purpose Trust Company, regulated by the New York Department of Financial Services. Issuing the World's First regulated JPY stablecoin, GMO Trust also offers a USD stablecoin "ZUSD". GMO Trust is on a mission to bring traditional finance into the digital age with blockchain services. For more information on GMO-Z.com Trust Company, Inc., visit https://stablecoin.z.com/.
About Celsius
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network
Media Contact:
GMO Trust
GMO-Z.com Trust Company, Inc.
Email: pr@gmo-trust.com
Celsius Network
Celsius.Network
Email: brianna.herlihy@celsius.network
JConnelly
Ryan Graham
862-777-4274
RGraham@jconnelly.com
Copyright (C) 2021 GMO-Z.com Trust Company, Inc. All Rights Reserved.
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SOURCE GMO Internet Group
