Chinese Blockchain Fund Plans to Raise $13 Million for Japanese Yen Stablecoin


The Chinese entrepreneur in charge of a $1.5 billion blockchain fund will seek to create up to three new stable cryptocurrencies (stablecoins) pegged to various fiat currencies, South China Morning Post reports Tuesday, September 18.

Yao Yongjie, whose Grandshores Blockchain Fund has the backing of well‐known Chinese Bitcoin investor Li Xiaolai and the local government of the city of Hangzhou, said the first stablecoin project would involve the Japanese yen.

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