What Is GYEN (GYEN)? Complete Guide Review About GYEN.

What Is GYEN (GYEN)?

What Is GYEN (GYEN)?

Digital Assets have gained traction since Bitcoin emerged in 2009. As of January 2020, with a market capitalization of over $600 billion, Bitcoin is the most highly-valued digital asset. However, more than ten years after its introduction to the market, it continues to suffer from extremely high volatility. GYEN Stability is a fundamental characteristic of mediums of exchange, with Bitcoin’s high volatility diminishing its utility as a valid medium of exchange. The promise of digital assets has missed expectations, with visions of a friction less and highly liquid monetary system falling short of its initial intentions.

One solution that was introduced to the digital asset markets is the concept of a stable store of value that is pegged one-too to fiat currencies or other hard assets, such as precious metals, often called a stable coin. As the demand for stable coins has already been proven to be sustainable by companies including Gemini, Circle, and Paxos, which offer USD-pegged stable coins, there are few that issue tokens backed by other fiat currencies that have a reasonable market presence.

GYEN An immediate need for a digital medium of exchange is not limited to USD. Accordingly, there will be more issuers of stable coins entering the market, broadening the assets that back a stablecoin, such as foreign currencies, gold or other precious metals, and oil or other commodities. They believe that a JPY-pegged token will gain traction in the market, as JPY is often viewed as a safe haven currency during times of global instability.

GYEN Storage Key Points

Coin BasicInformation
Coin NameGYEN
Short NameGYEN
Circulating Supply2.73B GYEN
Total Supply2,733,961,999
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

The Importance of Trusted Stable coins in Monetary Systems

Stable coins now have the attention of regulators around the globe and have led to a deeper regulatory engagement. Stable coins have been growing rapidly and are being used more and more as a payment medium and monetary instrument in various financial services. As the regulatory landscape evolves, there are no questions about the importance of transparency, solvency, and trust. The market needs a globally accepted and trusted digital fiat currency backed by secure blockchain technology.

GYEN GMO Internet Group (“GMO”) launched its internet operation in 1995 when Japan was still fully embracing the internet. GMO has always prided itself on introducing leading internet services to its customer base, with the corporate slogan “Internet for Everyone.” As GMO expands further into digital assets, they seek to democratize access and scale usability of stable coins.

Trust

Unlike Bitcoin which is trust less and decentralized, trust still plays an important role for centralized digital assets since the centralized issuer has considerable impact on the stable coin’s operability and underlying systems. As the token issuer, GMO Trust was incorporated in the state of New York under New York State banking laws and regulated by the New York State Department of Financial Services since 29th December, 2020. GMO Trust will maintain the necessary licenses and registrations to lawfully issue and redeem its stable coins. As specified by your regulator, customer deposits will be secured at FDIC-insured U.S. banks.

GYEN commit to your customers that the amount of tokens issued will always be equal to the deposits held in your partner bank(s), which is(are) based in the U.S., with publically available monthly audit reports completed and issued by a nationally-recognized, public independent audit firm in order to fulfill your commitment of transparency. Furthermore, customer deposits will be accounted for as customer property, keeping your customer deposits safe and segregated and solely for the purpose of maintaining reserve balances for the ZUSD and stable coins.

Solvency

In the current banking environment, reserve balances (and any required foreign exchange conversion) are not easily viewable by the public. One of the largest factors for success in digitizing various currencies is ensuring there is a 1:1 reserve held at an accredited financial institution. GYEN and ZUSD will be issued on the Ethereum blockchain, meaning the total amount in circulation can be publicly viewed.

To assure customers that your stable coins are solvent, GMO Trust has engaged an independent registered public accounting firm to examine and attest to the underlying currency reserves, and to issue a publically available attestation report on a monthly basis. The accounting firm adheres to standards established by the American Institute of Certified Public Accountants.

Issuance, Redemption, and Transfer

GMO Trust provides a simple and easy-to-use platform for our customers to receive and redeem GYEN or ZUSD. ZUSD will be issued only when the corresponding fiat collateral has been deposited onto your platform. The exact amount of ZUSD will be issued with an exchange rate of 1:1 after they confirm the fiat deposit. Similarly, only when they confirm the deposit of ZUSD to your platform, will begin the process of redemption with an exchange rate of 1:1 into fiat currency.

In addition to issuance and redemption directly from and to GMO Trust, they will partner with other liquidity providers such as institutional and retail exchanges, market makers, OTC desks and other large institutions to provide liquidity for and ZUSD.