China-Based $1-Billion Blockchain Fund Founders to Launch Stablecoin

September 20, 2018

The founders of blockchain fund of one billion dollars are going to start their own stablecoin pegged to the Japanese yen.

Fund co-founder Yao Yongjie has told that the team has already begun working on it. The stablecoin is supposed to be launched in December this year.

Grandshores Technology is the firm with Yongjie as the chairman that is going to raise 100 million Hong Kong dollars (approx. 12.5 million USD) to finance the project.

Currently the fund gains extra financing with Tether by attracting investors outside the People’s Republic of China. Tether is another stablecoin backed by the USD.

One of the Japan’s bank will also take part in the project. Yongjie stated that other stablecoins pegged to Hong Kong and Australian dollars are also likely to be issued.

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