GYEN

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Discover GYEN's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is GYEN?

GYEN is a fiat-backed stablecoin pegged to the Japanese yen (JPY) and issued by GMO-Z.com Trust Company. It is built on the Ethereum blockchain and is 100% backed by JPY reserves, ensuring a 1:1 redeemable value. GYEN aims to provide seamless trading, instant settlement, and secure storage, with transparency ensured through third-party attestations of its reserves.

How is GYEN used?

GYEN, a fiat-backed stablecoin pegged to the Japanese yen (JPY), is designed to provide users with digital exposure to the Japanese fiat currency. Here are some key ways GYEN is used:

  1. Trading: GYEN allows for seamless trading across a network of global partner venues, minimizing costs and ensuring ease of use.

  2. Settlement: It enables near-instant settlements at supported settlement network partners, optimizing treasury and holdings efficiency.

  3. Storage and Transactions: As an ERC-20 token, GYEN is compatible with most leading ERC-20 wallets, making it easy to store and transact.

  1. Remittances and Payments: GYEN can be used for fast and secure international transactions, leveraging blockchain technology.

  2. Hedging: It provides a stable store of value, helping to mitigate volatility in the cryptocurrency market.

These features make GYEN a reliable and efficient solution for various financial activities, bridging the gap between traditional finance and the digital assets ecosystem.

How do I store GYEN?

To store GYEN tokens securely, you have several options:

  1. Cold Wallets: These are offline wallets that provide the highest level of security. There are two types:

    • Paper Wallets: Generate public and private keys offline and print them on paper. This method is highly secure but less convenient.
    • Hardware Wallets: Physical devices that store your cryptocurrency. They are more user-friendly and suitable for large holdings.
  2. Hot Wallets: These are online wallets provided by exchanges, such as Binance Wallet or Trust Wallet. While they are more convenient, they are also more vulnerable to hacking and security risks.

  3. Multi-Asset Wallets: Wallets like Atomic Wallet support over 1,000 coins and tokens, including GYEN. They offer additional features like instant swaps and staking.

When choosing a wallet, consider factors such as security, ease of use, and compatibility with your devices. Always prioritize the safety of your assets by using reputable and trusted wallet providers.

How to buy GYEN?

To buy GYEN tokens, follow these steps:

Buying GYEN via a Centralized Exchange (CEX)
  1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports GYEN purchases. Consider the ease of use, fee structure, and supported payment methods when choosing a crypto exchange.

  2. Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) using Google Authenticator and other security settings to add an extra layer of security to your account.

  3. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which typically requires a government-issued identification document. This step ensures the security of your account and unlocks more features on the platform.

  1. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method. The information you need to provide may vary depending on your bank's security requirements.

  2. Buy GYEN: Use fiat currency to purchase a popular cryptocurrency like USDT, ETH, or BNB. Then, transfer these funds to the CEX that supports GYEN trading and exchange them for GYEN.

Buying GYEN via a Crypto Wallet
  1. Choose a Wallet: Select a reliable and reputable crypto wallet that supports GYEN. Download the wallet application to your device from the Google Play Store, App Store, or as a browser extension.

  2. Create a Wallet: Create a new wallet address or import an existing one. Make sure you write down the seed phrase and keep it in a secure place.

  3. Buy GYEN: Purchase GYEN directly using a supported payment method. If your wallet doesn't support direct fiat-to-GYEN purchases, you can first buy a more popular cryptocurrency like USDT and then exchange it for GYEN through your crypto wallet or on a decentralized exchange.

Additional Steps
  • Transfer Funds: If you need to transfer funds between exchanges or wallets, ensure you follow the specific instructions for each platform to avoid any errors.
  • Verify Exchange Support: Before buying GYEN, verify that the exchange or wallet you are using supports GYEN trading and the desired payment methods.

By following these steps, you can successfully purchase GYEN tokens.

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History of GYEN

GYEN (GYEN) is a fiat-backed stablecoin pegged to the Japanese yen (JPY). It was issued by GMO-Z.com Trust Company, a New York-based subsidiary of the Japanese GMO Internet Group Inc. The company was granted a limited purpose trust charter by the New York State Department of Financial Services in 2020.

GYEN was designed as an ERC-20 token on the Ethereum blockchain but was later introduced to other chains such as Solana and Stellar. It is 100% backed by JPY reserves and is always 1:1 redeemable with Japanese yen, ensuring a stable value. The token allows users to trade, settle, and store value with confidence, minimizing volatility and transaction costs.

GYEN was released alongside GMO Trust’s U.S. dollar-pegged stablecoin, ZUSD, which shares a similar design and functionality. The stablecoin aims to bridge traditional finance and blockchain technology, providing a reliable source of value in the digital space.

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How GYEN works

GYEN is a fiat-backed stablecoin pegged to the Japanese yen (JPY) and issued by GMO-Z.com Trust Company. Here is how it works:

Minting and Redemption
  1. Minting: Users deposit Japanese yen (JPY) into a fiat custody account. GMO Trust then mints GYEN tokens and sends them to the user's chosen wallet address. Each GYEN token is backed by an equivalent amount of JPY held in insured financial institutions or government money-market funds.

  2. Redemption: Users can redeem GYEN tokens for JPY by sending the tokens to a designated burn contract. GMO Trust then disburses the underlying JPY to the user's custody account. This process ensures that GYEN can always be redeemed 1:1 for JPY.

Trading and Settlement
  • Trading: GYEN can be traded seamlessly across GMO Trust's network of global partner venues, allowing users to experience digital fiat trading with reduced transaction costs.

  • Settlement: GYEN enables near-instant settlements at supported settlement network partners, optimizing the efficiency of treasury and holdings with faster settlement times.

Storage and Transactions
  • Storage: GYEN is an ERC-20 token, making it compatible with most leading ERC-20 wallets. Users can easily store and transact GYEN using their preferred wallet.

  • Transactions: GYEN can be used for various purposes such as trading, hedging, remittances, and payments, with reduced transaction costs and fast settlement times.

Security and Transparency
  • Security: GMO Trust issues and redeems GYEN directly, ensuring increased security and transparency with reduced transaction costs.

  • Transparency: Third-party attestations of GMO Trust's JPY reserves are carried out by an independently registered accounting firm, with monthly attestation reports published on the GMO Trust website.

Multi-Chain Support

GYEN is issued on multiple blockchains, including Ethereum and Stellar, allowing for near real-time issuance, redemption, and transaction monitoring. This multi-chain support enables flexibility and efficiency in the use of GYEN.

Overall, GYEN provides a stable and secure way to interact with the Japanese yen in the digital space, offering benefits such as instant settlements, easy storage and transactions, and seamless trading across global partner venues.

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GYEN's strengths

The token GYEN (GYEN) has several strengths that make it an attractive option for investors and users:

  1. Regulated and Trustworthy: GYEN is the world’s first regulated Japanese yen-pegged stablecoin, issued by GMO-Z.com Trust Company, which is a New York-based subsidiary of the Japanese GMO Internet Group Inc. This regulatory backing ensures a high level of trust and stability.

  2. Fiat-Backed and Redeemable: GYEN is 100% fiat-backed and always 1:1 redeemable with Japanese yen, providing a stable value and ensuring that users can transact with confidence. This collateralization is held in insured financial institutions and government money-market funds or U.S. Treasury bills.

  3. Instant Settlements: GYEN enables near-instant settlements across its network of settlement networks, significantly reducing transaction times compared to traditional financial systems.

  1. Easy Storage and Transactions: As an ERC-20 token, GYEN is compatible with most leading ERC-20 wallets, making it easy to store and transact with.

  2. Seamless Trading: GYEN allows seamless trading across a high-speed global network of partner exchanges, including prominent platforms like Coinbase and Liquid.

  3. Multi-Chain Support: GYEN is issued on multiple blockchains, including Ethereum and Stellar, ensuring flexibility and near real-time issuance, redemption, and transaction monitoring.

  1. Transparency and Security: GMO Trust issues and redeems GYEN directly, reducing transaction costs and increasing transparency. Additionally, third-party attestations of GMO Trust’s reserves are carried out by an independently registered accounting firm, with monthly reports published on the website.

These strengths make GYEN a reliable and efficient stablecoin for users seeking exposure to the Japanese yen in the digital space.

GYEN's risks

GYEN, a fiat-backed stablecoin pegged to the Japanese yen, carries several financial risks despite its design to mitigate volatility. Key risks include:

  1. Volatility Risks: Although GYEN is designed to maintain a stable value relative to the Japanese yen, it is not immune to market fluctuations. In the past, GYEN has experienced significant price drops, such as an 80% decline in a single day, which can result in substantial losses for investors.

  2. Regulatory Risks: As a stablecoin, GYEN is subject to regulatory oversight. Any changes in regulations or legal actions against GMO Trust, the issuer, can impact the stability and trustworthiness of the currency.

  3. Counterparty Risks: GYEN's value is backed by fiat reserves held in insured financial institutions and government money-market funds or U.S. Treasury bills. If these institutions experience financial difficulties, the value of GYEN could be affected.

  1. Market Risks: GYEN's value can be influenced by market conditions, including changes in the value of the Japanese yen. If the yen depreciates, the value of GYEN could also decline.

  2. Liquidity Risks: If there is a lack of liquidity in the market, it can be difficult for investors to buy or sell GYEN quickly and at a fair price, leading to potential losses.

  3. Operational Risks: GMO Trust's ability to manage and maintain the stablecoin's infrastructure, including its minting and redemption processes, is critical to GYEN's stability. Any operational failures or security breaches can compromise the trustworthiness of the currency.

These risks highlight the importance of thorough research and due diligence before investing in GYEN or any other cryptocurrency.

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Did GYEN raise funds?

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GYEN’s team

  • Ken Nakamura: CEO of GMO-Z.com Trust Company, which issues GYEN and ZUSD stablecoins.
  • Tomohisa Onishi: COO of GMO-Z.com Trust Company.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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