The Chinese company Grand Shores Technology Group is reportedly developing a stablecoin that will hit the Chinese market in February of 2019. The company is backed up by the Chinese government of Hangzhou, which is the capital of the Zhejiang Province.
Grand Shores Group is a company engaged in blockchain and construction services. According to the firm’s website, Grand Shores provides various maintenance services for buildings in Singapore and has adopted different blockchain services to complement its construction business.
Tye newly appointed co-CEO, Li Xiaolai, is a Bitcoin Evangelist, who has helped create the Grand Shores Global Blockchain Ten-Billion Innovation Fund. Mr. Xiaolai is expected to help the company grow its blockchain presence and develop a digital currency system that focuses on international currencies. The stablecoin that is going to be launched in the beginning of 2019 is a yen-pegged stablecoin.
The digital currency is going to be pegged to the Japanese yen, rather than the Chinese yuan, and the reason for that may be the potential reaction of the Chinese central government on a locally-issued stablecoin.
In addition to the integrated building and construction services that Grand Shores offers, the company has focused on expanding its business portfolio by adding blockchain services to its already existing business lines, saying:
In the field of digital asset, Grandshores Technology aims to provide a spectrum of digital asset management related services, such as hash leasing, hosting, lending and exchange. We also offer operational service to blockchain cloud computing centers globally.