GYEN is a stablecoin issued by the GMO-Z.com Trust Company Inc. The GMO Internet Group (GMO) was launched in 1995 and has grown to be one of the largest global providers of internet services.
GYEN is an ERC20 standard token that is pegged 1:1 to the value of the Japanese Yen. The stablecoin was created in order to address the issues of extreme volatility within the blockchain world by transferring the value and price stability of the Japanese Yen to digital cryptocurrency ecosystems.
The team also hopes to diversify the current stablecoin market, which is currently dominated by U.S. Dollar pegged coins. However, it is worth noting that the team has also created the ZUSD stablecoin. It is also ERC20 standard but is pegged 1:1 to the value of the U.S Dollar.
What are GYEN’s key features and how does it work?
GYEN is 100% fiat-collateralized and is only issued when the equivalent fiat is deposited. GMO issues and redeems stablecoins via Ethereum smart contracts. This helps to ensure that human error is minimized. This also removes the need for middlemen and any associated extra fees and allows for increased security and transparency. Users receive and redeem GYEN tokens via a dedicated GMO platform.
What can GYEN be used for?
The GYEN token can be within a broad range of use cases, both short-term and long-term. For example, GYEN can be used to purchase other digital assets, used for volatility hedging during periods of extreme market volatility, as well as interact with DeFi protocols that support the GYEN token. Additionally, GYEN can be used as a global cross-border payment for the Yen-based economy.
Some other use cases include:
Peer-to-peer trading that allows for fast, low fees, and a trustless medium of exchange
Trading on centralized and decentralized exchanges
Fiat Equivalent for Trading for use when executing currency trading strategies
GYEN's current share of the entire cryptocurrency market is 0.00%, with a market capitalization of $ 18.13 Million.
GYEN
