GYEN

Purpose and Utility

GYEN is a stablecoin pegged to the Japanese Yen created by GMO-Z.com Trust Company. It is designed to maintain a 1:1 value ratio with the Japanese Yen, serving as a digital representation of the fiat currency on blockchain networks.

Business Model

The stablecoin operates on a fully-backed reserve model, where each GYEN token is supposedly backed by an equivalent amount of Japanese Yen held in reserve accounts. GMO-Z.com Trust Company, regulated by the New York Department of Financial Services (NYDFS), issues and manages the token.

Real-World Adoption

GYEN is primarily used on cryptocurrency exchanges for trading pairs and as a stable store of value pegged to the Japanese Yen. It serves as a bridge between traditional finance and cryptocurrency markets, particularly for users who want exposure to JPY-denominated digital assets.

Platform Development

The token operates on the Ethereum blockchain as an ERC-20 token. While the technical development is relatively straightforward for a stablecoin, GMO-Z.com maintains regular audits and compliance updates.

Token Distribution

As a stablecoin, GYEN's supply is variable and based on market demand. New tokens are minted when Japanese Yen is deposited into the reserve, and tokens are burned when redeemed for fiat currency. This model ensures price stability and proper backing.