GYEN
Crypto Overview
Purpose and Utility
GYEN is a stablecoin launched by GMO Trust, a subsidiary of GMO Internet Group, designed to maintain a 1:1 peg with the Japanese Yen. The token is built on the Ethereum blockchain as an ERC-20 token. Its primary purpose is to provide a digital representation of the Japanese Yen for international trading, remittances, and cross-border transactions.
Business Model
The stablecoin is fully backed by Japanese Yen held in reserve accounts. GMO Trust maintains transparency through regular attestations of their reserves. The business model focuses on providing a bridge between traditional finance and digital assets, particularly for Japanese Yen transactions.
Real-World Adoption
GYEN has gained listings on major cryptocurrency exchanges including Binance, Coinbase, and Kraken. It is primarily used for trading pairs and as a stable store of value pegged to the Japanese Yen. The token has maintained relatively stable trading volumes, primarily serving traders and businesses requiring Japanese Yen exposure in the crypto ecosystem.
Platform Development
GMO Trust actively maintains the platform and regularly provides attestation reports. The development focuses on maintaining the stability mechanism and ensuring proper integration with various exchanges and platforms.
Token Distribution
As a stablecoin, GYEN's supply is directly tied to the amount of Japanese Yen held in reserve. New tokens are minted when Yen is deposited, and tokens are burned when Yen is withdrawn, maintaining the 1:1 peg.
Crypto Impact
To assign a comfort level investing in GYEN from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to GYEN.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.