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- GYEN recently made its debut on the Coinbase pro app
- The stablecoin is backed by the Japanese Yen
- The stable coin is created on the Ethereum blockchain by the Tokyo-based GMO group.
Crypto markets have witnessed the launch of various stablecoins over the months, while some have skyrocketed to the moon, others are yet to impress the investors. On November 9 the popular exchange, Coinbase welcomed its yet another stablecoin GYEN.
The GYEN token was listed on November 9 on coinbase and was made available for Coinbase Pro users from November 10th. For non-pro members, they will have to wait a bit longer but the users can also buy the tokens from other exchanges like coinzoom. Coinbase however has informed that trading of the token shall only begin once the token reaches adequate liquidity.
The GYEN currency is created by the Tokyo-based GMO group, which specializes in internet infrastructure & is also listed on the Tokyo stock exchange. The GMO group created a trusted company named GMO-Z.com which aimed to hedge the group into blockchains. The GYEN token is a subsidiary of the same.
The GYEN tokens distinguish themselves in such a way that the stable coin is backed 100% by the Japanese Yen. The official site of the group claims that GYEN tokens are completely backed by the fiat with a 1:1 ratio. The sum of the amount is maintained in the reserves of the company. Apart from the GYEN, the trust company also had launched ZUSD of what they claim to be a true digital dollar.
As soon as the inbound transfers of token began on the popular exchange, it saw an increment of 60% suggesting that users were interested in a swap, however, minutes after its peak, the token fell by a mile prior to its inaugural trading session. Currently, at the time of writing the token is trading in increased volumes at a decreased price of $0.008811.
The token is built on one of the classiest blockchains, Ethereum. The GYEN uses the smart contracts on the blockchain, to hold, validate & authenticate its tokens. Since the token is a stablecoin & pegged to the Japanese Yen, many analysts believe that a dramatic shift will not be witnessed by the markets, however, it would be interesting to follow the token as it is backed by fiat.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
