GMO-Z.com Trust Company, Inc., 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.
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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.
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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.”
