cryptopolitan.com
GYEN crypto is a stablecoin that would be beneficial against the volatility of the market. The digital asset industry has become increasingly relevant and popular among the consumer sector in recent years. Lately, renowned cryptocurrency tokens like Bitcoin and Ethereum have helped raise more awareness about the new concept. The extensive use-cases of crypto are one of its most attractive features. However, the crypto industry continues to be influenced by high market volatility. Users utilize stablecoin crypto tokens like GYEN to protect their valuable assets from market volatility.
These stablecoins are pegged with fiat currencies which ensures their sustainability. There are several trusted stablecoins in the digital assets market as their demand increases in the industry. They are backed by currencies like the USD, but new and more innovative stablecoins continue to grow into the sector. Stablecoins are becoming more valuable as a payment and transaction method as well.
Trusted and transparent network of GYEN
GYEN is a 100% fiat-collateralized stablecoin that only issues the coin when a collateralized fiat is placed in custody with a third party. GYEN is entirely backed by the Japanese Yen by a 1:1 ratio. It helps users to eliminate the impact of volatility and provides high transaction speed over minimal charges. The GYEN coin aims to work as a global currency situation on the Ethereum network.
The GYEN stablecoin project is led by GMO Trust, regulated by the New York State Department of Financial Services. GYEN guarantees more transparency of the ecosystem for consumers. The network promises that the number of tokens issued is kept equal to deposits held in their partner banks. Also, the network provides monthly audit reports that are completed by an independent and reputable audit firm to provide more transparency.
Key features of the GYEN stablecoin
GYEN ensures more accessibility and feasibility for the users by providing high liquidity. Users can easily convert 1 GYEN to 1 JPY directly with the GMO Trust. They can also exchange it for the same value on different exchanges that support the stablecoin. Moreover, the Ethereum ERC-20 protocol powers the platform, assuring the most effective mechanism for smart contracts in the sector. Therefore, smart contracts conduct seamless transactions that eliminate the margin of any errors.
In addition to this, the stablecoin issues and redeems tokens directly. It means that there is no role of a middleman in the whole procedure. Also, this feature enhances the security and transparency of the network and also minimizes the fees. GYEN is promoting itself as the most liquid digital asset, as it can be easily traded or accessed on reputable exchanges across the world. The network incorporates security features, like offline keys, dispersive keys, and approval limits. These security features are new and more updated in the sector, offering more credibility to the system.
Use cases of GYEN
For starters, stablecoin acts as a hedge against volatility. It also provides a payment route for other digital assets by serving as token issuance and redemption. It also removes the restrictions of the conventional currency ecosystem. The token can be used to settle assets at any given time.
This crypto can also be used for cross-border remittance and money transfers in the longer run, allowing utility in peer-to-peer transfers and transactions. Moreover, the network aims to upgrade GYEN for decentralized finance and decentralized application network.
The price of GYEN is 1 Yen which is equivalent to $0.0087 at the time of writing. The token has a circulating supply of 2.7B with a market cap of $23.7M and a trading volume of $11.2M.
Final thoughts
GYEN is a stablecoin that was launched by a subsidiary of Tokyo-based GMO Internet Group, which is listed on the Tokyo Stock Exchange. GMO claims that GYEN is the world’s first regulated stablecoin. Pegged to the Japanese yen and working on the Ethereum network, GYEN has a lot to offer traders across boundaries, who are dubious about volatile cryptocurrencies.
The GMO conglomerate dominates large parts of Japan’s web infrastructure, in the fields of cloud hosting, domain registration, payments, and online security. No wonder its stock shares have been rising over 50% since last year. GMO’s 57-year old founder, Masatoshi Kumagai, is notorious for his private creed he calls GMO-ism:
The heads of each business are the priests. And in that example, I think I’m Jesus Christ.
Masatoshi Kumagai, GMO Founder, Chairman and President