Just read Chinese Investment Group to Raise Funds for Japanese Stable Coin

Chinese Investment Group to Raise Funds for Japanese Stable Coin

Grandshores Technology Group, a Hong Kong-based public blockchain investment company, is planning to raise $12.7 million through a digital token fund in an effort to finance a yen-backed cryptocurrency project. The funds will be used to help launch a Japanese yen-backed stable coin, which will operate similarly to Tether. He also expressed immense confidence in the demand for a yen-backed stable coin, mentioning that the fund wants to also launch stable coins denominated in the Hong Kong dollar and the Australian dollar. The Rise of the Stable CoinStable coins have been surging in popularity, especially ones denominated in the US dollar, due to the perceived issues surrounding Tether, which is currently the most popular stable coin worldwide. Although countries like Japan, Hong Kong, and Australia don’t have stable coins denominated in their natural fiat-trading pairs, competition for stable coins is continuously ramping up in the United States, with competitors like the Winklevoss brothers and IBM all trying to provide stable coins that will be widely adopted as an alternative to Tether.

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Wednesday, September 19, 2018