Japanese banking giant Nomura and its digital asset arm Laser Digital have partnered with Japan-based GMO Internet Group to explore the possibility of issuing stablecoins in the country.

In a statement on Monday, the companies said they plan to explore the issuance, redemption and circulation of stablecoins denominated in Japanese yen and US dollars.

The partnership also plans to offer “stablecoin-service” products that will help companies issue stablecoins. It was stated that such a service would likely include regulatory compliance management, blockchain integration and background transaction management.

Through the partnership, Nomura and Laser Digital will focus more on crypto trading, asset management and venture investments, while GMO is planned to contribute more to the technology side.

“As the digital asset landscape evolves, developing a stablecoin for use in the Japanese market will be key to expanding the accessibility and acceptance of digital assets in Japan and beyond,” Steve Ashley, chief executive officer of Laser Digital, said in the statement.

Previously, GMO’s US subsidiary, GMO-Z.com Trust, had issued stablecoins including GYEN and ZUSD on various blockchains.

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