According to a GMO press release on 7 May, ZUSD will be listed on the Celsius platform and available for reward-earning accounts. Customers will be able to use ZUSD — a regulated, USD-pegged stablecoin issued by GMO Trust — as collateral for crypto-backed loans.
The addition of ZUSD brings the total number of stablecoins supported on Celsius to 12. The company said that its latest stablecoin addition is designed to bridge the gap between traditional finance and the digital asset world, opening up new opportunities for its users.
Alex Mashinsky, the CEO of Celsius, said that Celsius plans on supporting GMO Trust’s GYEN, a regulated Japanese yen-pegged stablecoin, in the future. He noted that it will be “interesting” to create an active lending market for a negative-yield fiat currency. The company, a crypto subsidiary of Japanese giant GMO Internet Group, unveiled its JPY-pegged stablecoin in April, revealing that it will be supported on Zero Hash’s settlement network.
“We see this as the future of traditional savings accounts, with stablecoin lending providing a less volatile method of earning return on assets,” said Ken Nakamura, the CEO of GMO Trust.