The Chinese Businessman owning a $1.5 billion blockchain fund to develop three new stablecoins for different fiat currencies, reports South China Morning Post on Tuesday, Sept 18.

Grandshores Blockchain Fund, owned by Yao Yongjie and supported by the well-known Chinese Bitcoin investor Li Xiaolai along with the local government of Hangzhou states that the first stablecoin project would be involving the Japanese Yen.

Additionally, Hong Kong-based Grandshores Technology by Yao plans to raise HK$100 million(~ 12.7 million USD) for financing the cryptocurrency. He states:

“We believe cryptocurrency traders and exchanges will be potential takers of these stablecoin,”

Yao further adds:

“We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows,”

This comes after the recent crackdown on Cryptocurrency in China when the authorities blocked the foreign exchanges and scrutinized the activities related to it.

It is also expected from Grandshores to come up with Hong Kong and Australian dollar-pegged stablecoins. Investors outside of China are to be leveraged using Tether(USDT) for the fundraising. Yen stablecoin is expected to go live in Jan 2019.

For more updates, stay tuned to CoinTopper.com