About GYEN (GYEN)
GYEN (GYEN) Trust Company connects traditional finance and blockchain for everyone. We are issuing GYEN, world’s first regulated Japanese YEN-pegged stablecoin, and ZUSD, the new digital dollar. Established in 2020, GMO-Z.com Trust Company was granted a limited purpose trust charter by the New York State Department of Financial Services and is a subsidiary of financial and IT conglomerate GMO Internet Group from Japan.
GYEN (GYEN) Internet Group is an Internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, ecommerce, security, and payment solutions. The Group also includes the world’s largest online FX trading platform, as well as online advertising, Internet media, and cryptocurrency related services. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan.
GYEN (GYEN) and ZUSD are ERC-20 cryptographic tokens that are (i) issued by GMOZ.com Trust Company Inc (“GMO Trust”), approved and regulated by the New York State Department of Financial Services, and (ii) strictly pegged 1:1 to the Japanese Yen and U.S. Dollar (respectively). GYEN and ZUSD are stable value coins that combine the creditworthiness and price stability of the Japanese Yen and U.S. Dollar with the technology and efficiency advantages of a digital asset and the oversight of U.S. regulators. As an ERC-20 compliant token, GYEN and ZUSD can be transferred on the Ethereum network. GYEN and ZUSD are created at the time of withdrawal from GMO Trust’s platform and redeemed or “destroyed” at the time of deposit into GMO Trust’s platform.
GYEN (GYEN) 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, we seek to democratize access and scale usability of stablecoins.
GYEN (GYEN) Storage Key Points
|Circulating Supply||2.23B GYEN|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Digital Asset and Stable coin Market
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. 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 frictionless 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-toone 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 stablecoins, there are few that issue tokens backed by other fiat currencies that have a reasonable market presence. 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 stable coin, such as foreign currencies, gold or other precious metals, and oil or other commodities. We 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.
The Importance of Trusted Stable coins in Monetary Systems
GYEN (GYEN) There are several companies that have introduced USD-backed stablecoins, with Tether’s USDT gaining the most popularity in the market, but unfortunately there have been persistent rumors that suggest USDT is not reserved one-to-one by the U.S. Dollar, which is raising concerns around its price stability. While USDT is losing retail and institutional trust in the stablecoin marketplace, other companies such as Gemini and Paxos are starting to gain market share. Gemini and Paxos have introduced their own stable coins, but as regulated companies with reputable third-party auditors.
Why GMO-Z.com Trust Company
GMO has employed rigorous policies, regulatory oversight and security standards to help ensure that its digital assets share the same robust frameworks and time-tested guardrails inherent to traditional assets.
GYEN (GYEN) -Z.com Trust Company is supervised by New York State Department of Financial Services (NYDFS). GMO is maintaining an Anti-Money Laundering Compliance Program and is regulated as a trust organized under New York banking law.
GMO holds the U.S. Dollar and Japanese Yen deposits of all customers in segregated accounts at FDIC-insured banks.
GYEN (GYEN) has engaged an independent, nationally recognized public accounting firm to conduct monthly third-party assessments on Dollar and Yen reserves to ensure full collateralization.
Leading smart-contract auditing firm Quantstamp has conducted an independent third-party audit and security review on GMO’s ERC-20 smart contract.
GYEN (GYEN) and ZUSD are issued on the Ethereum blockchain, allowing for near real-time issuance, redemption and transaction monitoring.
Industry leader Chainalysis deploys their software to assist GMO in monitoring their transactions and risk assessments to detect and prevent fraudulent activity.
GYEN (GYEN) Unlike Bitcoin which is trustless and decentralized, trust still plays an important role for centralized digital assets since the centralized issuer has considerable impact on the stablecoin’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 stablecoins.
We commit to our customers that the amount of tokens issued will always be equal to the deposits held in our 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 our commitment of transparency. Furthermore, customer deposits will be accounted for as customer property, keeping our customer deposits safe and segregated and solely for the purpose of maintaining reserve balances for the ZUSD and GYEN stablecoins. As specified by our regulator, customer deposits will be secured at FDIC-insured U.S. banks.