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.

To obtain more information, you can visit their website: https://stablecoin.z.com/ and try to log in or register to use more services.

Pros & Cons

• 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？

GMO-Z.com (GYEN) stands out due to several unique features:

• Regulatory Oversight: GMO-Z.com operates under the supervision of the New York State Department of Financial Services (NYDFS), ensuring high standards of compliance and trust. GYEN is greenlisted by NYDFS, highlighting its regulatory approval and reliability.

• Fiat-Backed Stability: Each GYEN token is backed 1:1 by Japanese Yen held in insured financial institutions and short-term government securities. This ensures the stability and redeemability of the token, providing confidence to users.

• Transparency: GMO-Z.com emphasizes transparency with monthly third-party attestations of its fiat reserves, conducted by an independently registered accounting firm. These reports are publicly accessible, ensuring accountability.

• Security and Audits: The company employs rigorous security measures, including smart contract audits by leading firms, to ensure the integrity and security of its digital assets.

• Multi-Chain Support: GYEN is issued on multiple blockchains, such as Ethereum and Stellar, enabling broad accessibility, near-instant settlements, and real-time transaction monitoring.

• Global Integration: GYEN is supported by a wide network of custodians, wallet services, and exchanges, both centralized and decentralized, enhancing its utility and reach across the digital asset ecosystem.



How does GYEN Work？

GMO-Z.com‘s GYEN operates as a regulated stablecoin trying to ensure stability, transparency, and efficiency in digital transactions. Here’s how it works:

• Issuance and Backing:

• Issuance: GYEN tokens are issued by GMO-Z.com Trust Company Inc., a regulated entity under the New York State Department of Financial Services (NYDFS).

• Backing: Each GYEN token is backed 1:1 by Japanese Yen held in insured financial institutions and short-term government securities. This ensures that for every GYEN in circulation, there is an equivalent amount of fiat currency in reserve.

• Blockchain Integration:

• GYEN is issued on multiple blockchains, including Ethereum and Stellar. This multi-chain approach provides flexibility, allowing users to choose the blockchain that best fits their needs.

• Regulatory Compliance:

• GMO-Z.com adheres to strict regulatory standards set by the NYDFS, which provides a high level of oversight and ensures that GYEN operates within a legal framework.

• Regular audits and third-party attestations of the fiat reserves are conducted to maintain transparency and trust.

• Transparency and Security:

• Monthly third-party attestations of the reserves are published, confirming that the amount of JPY held in reserve matches the number of GYEN tokens in circulation.

• Smart contracts used in the issuance and management of GYEN are audited by independent firms to ensure security and robustness.

• Global Network and Accessibility:

• GYEN is supported by a network of global partners, including exchanges, wallet providers, and custodians. This broad support facilitates seamless trading, instant settlements, and secure storage.

• Users can trade GYEN on various platforms, both centralized and decentralized, enabling wide accessibility and integration into different financial ecosystems.

• Use Cases:

• Trading: GYEN can be used for trading on various exchanges, providing a stable fiat-backed digital asset that mitigates volatility.

• Settlements: The token allows for near-instant settlement of transactions, improving efficiency in financial operations.

• Storage: Users can store GYEN with confidence in supported custodial and wallet services, ensuring the safety of their assets.

Overall, GMO-Z.coms GYEN combines the reliability of fiat currency with the advantages of blockchain technology, offering a stable, transparent, and relatively secure digital asset for global users.



Market & Price

The GYEN token is currently valued at $0.006338 as of May 22, 2024, reflecting a 0.19% increase over the past day. It has a market cap of $13,301,121, ranking it at #1042 among other cryptocurrencies. Over the last 24 hours, the trading volume has surged by 38.62%, reaching $6,907. The circulating supply of GYEN is 2,098,780,833 tokens, which is also the total supply.

The token experienced its all-time high of $0.345 on May 12, 2021, marking a significant decline of 98.17% from that peak. Conversely, GYEN hit its all-time low of $0.00567 on May 13, 2024, and has since rebounded by 11.54%. These fluctuations highlight the token's volatility and the broader trends in the digital asset market.



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.

Step 1. Create a Coinbase account	Download the Coinbase app, sign up, and verify your ID.
Step 2. Add a payment method	Connect a bank account, debit card, or initiate a wire transfer.
Step 3. Start a trade	On Coinbase.com, select Buy & Sell; on the app, tap (+) Buy.
Step 4. Select GYEN from list	Search for GYEN, then tap to open the purchase screen.
Step 5. Enter the amount	Input the amount to spend; the app converts it to GYEN.
Step 6. Finalize your purchase	Tap “Preview buy”, review details, and click “Buy now”.
Step 7. Done	Order processes; confirmation screen shows successful GYEN purchase.

Buying link: https://www.coinbase.com/en-pt/how-to-buy/gyen.

• StellarTerm: A decentralized exchange (DEX) built on the Stellar network, offering seamless trading of Stellar-based assets with an emphasis on speed and low fees.

• Mercado Bitcoin: The largest cryptocurrency exchange in Brazil, providing a platform for buying, selling, and trading a variety of digital assets with a focus on the Latin American market.

• Helix: A decentralized finance (DeFi) platform offering various financial services, including cryptocurrency trading, lending, and borrowing, with a focus on user control and security.

• Uniswap: A decentralized exchange (DEX) on the Ethereum blockchain that uses automated market-making (AMM) to facilitate peer-to-peer trading of ERC-20 tokens without an order book.



How to Store GYEN？

GYEN can be stored in multiple wallets:

• Copper: A digital asset custody provider offering secure storage solutions, institutional-grade security, and seamless integration with trading platforms.

• HexTrust: An Asia-based digital asset custodian providing secure and compliant custody services, focusing on institutional clients and integrating with various DeFi applications.

• Komainu: A regulated digital asset custody solution designed for institutional investors, offering robust security features and compliance with regulatory standards.

• BitGo: A well-known digital asset custody service offering secure, multi-signature wallets, comprehensive insurance, and extensive support for institutional investors.

• Fireblocks: A secure platform for digital asset custody, transfer, and settlement, leveraging multi-party computation (MPC) technology for enhanced security and efficiency.

• Anchorage Digital: A federally chartered digital asset bank providing secure custody, trading, and financing services, designed to meet the needs of institutional clients.

These wallets provide users with options for securely storing and managing their GYEN tokens, offering features such as multi-chain support, decentralized finance (DeFi) integration, and user-friendly interfaces. Users can choose the wallet that best suits their preferences and needs for managing their GYEN holdings.



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.

However, all investments carry risks, including market volatility and potential breaches. While efforts are made to ensure safety, investors should still conduct thorough research and be cautious in digital asset transactions.

Conclusion

GYEN emerges as a regulated stablecoin, backed by Japanese Yen reserves in a 1:1 ratio, ensuring stability and transparency. With regulatory oversight from the New York State Department of Financial Services (NYDFS), it maintains compliance and trust. Supported by renowned custodians like BitGo and Fireblocks, and accessible on exchanges such as Coinbase, it offers seamless transactions within the digital asset ecosystem.

However, investors must remain vigilant, acknowledging inherent risks like market volatility. Thorough research and adherence to security practices are paramount when engaging with GYEN, ensuring prudent participation in the evolving landscape of digital assets.

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.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.