By The founders of the $1 billion blockchain fund that has been backed by the Chinese government of the city of Hangzhou are currently planning on rolling out a Japanese Yen stablecoin.
Xiong’An Blockchain Fund founder, Yao Yongjie said work has already started on the project. The teams hope to launch their stablecoin by the end of this year or by early 2019 as reported by the South China Morning Post.
Yao’s other firm Grandshores Technology which recently got listed in Hong Kong following a reverse takeover of Singaporean construction firm known as SHIS has plans to raise a whopping HK$100 million to help finance the project.
Searching for investors outside of China
Yao went on to say that the dedicated fund is seeking contributions denominated in Tether which is a US Dollar stablecoin from accredited investors outside the borders of China.
Furthermore, other founding partners of the blockchain fund are already in talks with a mid-tier bank in Japan for the project but they subsequently declined to disclose any names at this point. Other stablecoins anchored to Hong Kong and Australian dollars are also being considered for development according to Yao.
This news comes mere days after Grandshores Technology officially completed their rebranding from the SHIS name, after having purchased a massive 60 percent of the firm, earlier this year in May.
The Grandshores Blockchain Fund was launched by a Hangzhou-based investment firm known as Tunlan Capital which also has Yao at the helm and this was in partnership with the local government as well as Bitcoin bigwig Li Xiaolai earlier in April.
Do you think the ever-rising appearance of stablecoins in Asia and other regions are the answer to global mainstream adoption of cryptocurrencies? Let us know your thoughts by leaving a comment!
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