Home Altcoins News GYEN Pegged to Japanese Yen and USD Gaining Traction in Monetary Systems

GYEN Pegged to Japanese Yen and USD Gaining Traction in Monetary Systems

GYEN Japanese Yen

GYEN is issued by GMO-Z.com Trust Company Inc (“GMO Trust”).  It is approved and regulated by the New York State Department of Financial Services, and it is strictly pegged 1:1 to the Japanese Yen.

For clarity, “GMO Trust, based in New York, is a Limited Purpose Trust Company, regulated by the New York Department of Financial Services. Issuing the World’s First regulated JPY stablecoin, GMO Trust also offers a USD stablecoin “ZUSD.”

GYEN is the stable value coin that combines the creditworthiness and price stability of the Japanese Yen. It provides all the advantages and efficiency of a digital asset. It is an ERC-20 compliant token.  GYEN can be transferred on the Ethereum network. GYEN is created at the time of withdrawal from GMO Trust’s platform.  It is redeemed or “destroyed” at the time of deposit back into GMO Trust’s platform.

Stability is a very important characteristic of GYEN and therefore serves to be a good medium of exchange.  Since JPY has been looked at as a safe haven currency during times of global instability, it is believed that GYEN as a JPY pegged token will gain market traction.

GYEN is a 100% fiat-collateralized stablecoin, and it will be issued only when the corresponding collateralized fiat will be placed in custody with a third-party trustee.

GYEN believes that trust is very important for centralized digital assets as the centralized issuer has a considerable impact on the stablecoin’s operability and underlying systems.  Thus, aspects of regulatory approval, custody, funds auditing, smart contract auditing, ethereum monitoring, and transaction surveillance and monitoring are taken care of.

GMOTrust will maintain the required licenses and registrations to lawfully issue and redeem its stablecoins.

GYEN is issued on the Ethereum blockchain, and the total amount in circulation can be publicly viewed.

The demand for stable coins is already proven.  It just looked like there is significant demand for the JPY, and it is underserved in the cryptocurrency and stablecoin space, and therefore GYEN is here.

The security features facilitated are offline keys, dispersive keys, and approval limits.

The Use Cases in terms of the transaction markets are targeted for the short and long term.  Near Term use cases are volatility hedging, payment for other digital assets, fiat equivalent for trading, payment for other digital assets, fiat equivalent for trading, clearing, and settlement, and alternatives to market incumbents.

The longer-term use cases are cross-border remittance, money transfers, utility trading, Dapp ecosystem, Banking and Unbanked, Trade Finance, Exchanges, and decentralized finance. Ultimately will evolve to be applied for global payment, money transfer, trading, clearing, and settlement solution that eliminates the inherent volatility associated with traditional digital assets.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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