GYEN

Overview of GYEN

The GYEN token is a regulated stablecoin issued by GMO-Z.com Trust Company Inc. in 2020, representing the Japanese Yen (JPY) and backed 1:1 by fiat currency. Supervised by the New York State Department of Financial Services (NYDFS), GYEN ensures regulatory compliance and transparency through monthly third-party reserve attestations and smart contract audits.

It is supported across multiple blockchains, such as Ethereum and Stellar, facilitating near-instant settlement, secure storage, and seamless trading on various centralized and decentralized platforms such as Coinbase Exchange, StellarTerm, Mercado Bitcoin, Helix, Uniswap.

Pros & Cons

Pros:

Regulatory Compliance: GYEN is regulated by the New York State Department of Financial Services (NYDFS), providing users with a level of trust and confidence in its legitimacy.

Stability: Being backed 1:1 by Japanese Yen reserves, GYEN offers stability in the volatile cryptocurrency market, making it a reliable store of value.

Transparency: Regular audits and third-party attestations ensure transparency regarding the backing of GYEN tokens, enhancing trust among users.

Cons:

Market Volatility: While GYEN itself is stable, the broader cryptocurrency market can be volatile, impacting the value of other cryptocurrencies traded against GYEN.

Dependency on Fiat Reserves: The stability of GYEN relies on the maintenance of sufficient fiat reserves, and any disruption in this backing could affect its stability and trustworthiness.

What Makes GYEN Unique？

GYEN is distinguished as the world's first regulated Japanese YEN-pegged stablecoin, offering a unique combination of regulatory compliance and digital currency utility . It is issued by GMO-Z.com Trust Company, a subsidiary of the renowned GMO Internet Group from Japan, which was granted a limited purpose trust charter by the New York State Department of Financial Services, underscoring its commitment to security and regulatory standards. Each GYEN token is backed by a corresponding amount of Japanese yen, ensuring price stability and providing a reliable store of value . The stablecoin operates on multiple blockchains, including Ethereum and Stellar, facilitating near real-time transactions and broad accessibility. GYEN's multi-chain approach, transparent monthly attestations of reserves, and direct issuance and redemption by GMO Trust contribute to its distinctiveness in the market. Furthermore, GYEN's utility extends beyond traditional financial borders, offering global users a seamless and secure digital asset for transactions and remittances. Its innovative approach to digital finance, combined with its regulatory oversight, positions GYEN as a reliable and user-friendly asset in the digital currency landscape.

How does GYEN Work？

GYEN is a unique stablecoin as it is the world's first regulated Japanese YEN-pegged stablecoin, offering a secure and transparent digital asset. Each GYEN is 100% backed by Japanese Yen, ensuring stability and reliability. Issued by GMO Trust, a New York State Department of Financial Services-regulated entity, GYEN operates on multiple blockchains, including Ethereum and Stellar, for fast transactions and broad accessibility. It's designed for global use, facilitating seamless and secure digital transactions, and is supported by Tier 1 custodians and wallet services, enhancing its utility across various platforms.

Exchanges to Buy GYEN

GYEN is available on several cryptocurrency exchanges currently

Coinbase Exchange: A leading US-based cryptocurrency exchange known for its user-friendly interface, regulatory compliance, and wide range of supported cryptocurrencies.

StellarTerm\Mercado Bitcoin\Helix\Uniswap.

How to Store GYEN？

To store GYEN, you can utilize various wallet services that support ERC-20 tokens, given that GYEN is an ERC-20 token issued on the Ethereum blockchain. Consider using a hardware wallet for enhanced security, such as Ledger or Trezor, which keeps your private keys safe from online threats. Additionally, software wallets like MetaMask or Trust Wallet are user-friendly options that support GYEN and enable you to manage your tokens with ease. Always remember to keep your recovery phrase secure and private, and enable two-factor authentication (2FA) for added security when accessing your wallet. GYEN is also available on multiple blockchains, including Stellar, providing more options for storage and transactions.

Is It Safe？

GYEN's safety depends on factors like regulatory compliance, backing, and security measures. Regulated by NYDFS, backed 1:1 by fiat reserves, and subject to regular audits, it exhibits stability.Partnering with reputable custodians like BitGo and Fireblocks enhances security.

Frequently Asked Questions (FAQs)

Question:What is GYEN？

Answer: GYEN is a regulated stablecoin backed 1:1 by Japanese Yen reserves, offering stability in the volatile cryptocurrency market.

Question: How does GYEN ensure stability？

Answer: GYEN maintains stability by backing each token with an equivalent amount of Japanese Yen held in reserve, ensuring transparency and reliability.

Question: Where can I buy GYEN？

Answer: GYEN is available on various cryptocurrency exchanges such as Coinbase, StellarTerm, and Uniswap, providing users with multiple options for purchasing.

Question: Is GYEN regulated？

Answer: Yes, GYEN is regulated by the New York State Department of Financial Services (NYDFS), ensuring compliance with regulatory standards and providing trust to users.

Question: Can I store GYEN in a wallet？

Answer: Yes, GYEN can be stored in compatible wallets provided by reputable custodians such as BitGo, Fireblocks, and Anchorage Digital, ensuring security and accessibility.

Question: Are there risks associated with GYEN？

Answer: While GYEN aims to provide stability, investors should be aware of risks like market volatility and potential security breaches.