It is clear that you are here to find out the GYEN price, but a crypto project’s price shouldn’t be your first focus, especially when it comes to Stablecoins. You must grasp GYEN’s functioning, history, technology, and price. The article’s only purpose. GYEN is a 1:1 stablecoin developed by GMOZ.com Trust Company Inc. Discover this project below.
What Is GYEN Token?
Before analyzing GYEN price, you must explore where the token came from, who created it, and what it does. GYEN and ZUSD are ERC-2O tokens issued by “GMO Trust” and governed by the NYSDFS. These two tokens are one-to-one with the Japanese Yen and U.S. Dollar. GYEN and ZUSD are stable-value currencies that mix the Yen and Dollar with digital assets. ERC-20-compliant GYEN may be transferred to Ethereum. When withdrawing from GMO Trust, these two tokens are produced and redeemed.
Why Do Cryptotraders Need GYEN?
Crypto commerce and transactions began in 2009 with Bitcoin. Bitcoin has inspired several crypto startups. Bitcoin’s volatility belies its merits. Stability is vital for bitcoin exchanges and the cryptocurrency sector. Stablecoins connected to fiat currencies or hard assets like precious metals reduce volatility. The bulk of crypto-related businesses, such as Gemini, Circle, and Paxos, issue US dollar-backed stablecoins. More issuers are joining the bitcoin industry, thus the USD is no longer the only fiat currency used. GMO, the creator of the GYEN Token, plans to issue a JPY-pegged token given the JPY’s market stability.
When did GYEN start?
GMO, a 1995-founded Internet group, created GYEN token to “democratize stablecoin access and usage.” GMO’s financial services include:
- Foreign Exchange (GMO Click)
- Banking (GMO Aozora)
- Digital asset Exchange (GMO Coin)
- Mining of digital assets.
GMO Trust’s GYEN Coin
GMO Trust delivers the world’s first regulated JPY stablecoin and ZUSD, a USD stablecoin. GMO Trust was founded to promote finance using blockchain.
GYEN Token’s benefits
Many startups and big corporations are working on blockchain technology since the Internet’s future depend on it. GMO Trust delivers a global payment, trading, money transfer, clearing and settlement solution to harness blockchain technology and pay its fair share of expenses. GYEN and ZUSD stablecoins alleviate worries about uncontrolled, fiat-less stablecoins. These stablecoins use the financial system’s infrastructure, regulatory supervision, and monetary stability without losing speed or efficiency.
GYEN Token Specifications
- Fiat money supports stability. Separate bank accounts will keep 1:1 token reserves.
- All balances are audited monthly.
- Users may redeem 1 GYEN for 1 JPY and 1 ZUSD for 1 USD on stablecoin exchanges directly or by exchanging with other digital assets.
- GYEN and ZUSD employ Ethereum smart contracts and blockchain (ERC-20).
- GMO Trust develops and redeems stablecoins directly to improve security, transparency, and transaction costs.
- GYEN and ZUSD will be available on various exchanges, enabling trade.
GYEN Financial Analysis
Cryptologi.st says the GYEN currency is in over 9,700 wallets and has had over 60,000 transactions. The GYEN token’s ROI is -16%, which is a huge underperformance compared to similar efforts with a 59% growth rate. This ROI is substantially lower than the top 1500 crypto businesses’ average ROI of 3,173%.
How common is GYEN?
Young engineers led by Ken Nakamura invented the GYEN token. In the previous six months, Cyptologi.st’s popularity data show that GYEN has witnessed a 15% spike on Twitter but a 0% gain on Telegram and Reddit, which is a bad indicator.
Should I buy GYEN?
GYEN aims to stabilize the cryptocurrency market with its stablecoins. The return on investment and liquidity make it a risky short-term investment. Therefore, before making a choice with more confidence, study the watch list and predictions to monitor the growth of your preferred currencies.
If you want to know similar information about other cryptocurrencies, for example, you are interested in the Polkacity price, first, study all the other information about the cryptocurrency itself.