GYEN crypto is a stablecoin that can be used to hedge against market volatility. In recent years, the digital asset industry has grown in relevance and popularity among consumers. Recently, well-known cryptocurrency tokens such as Bitcoin and Ethereum have aided in increasing public awareness of the new concept. One of the most appealing aspects of cryptocurrency is its wide range of applications. However, high market volatility continues to have an impact on the crypto industry. Stablecoin crypto tokens, such as GYEN, are used by users to protect their valuable assets from market volatility.
These stablecoins are linked to fiat currencies, ensuring their long-term viability. As the demand for stablecoins grows in the digital asset market, there are several trusted stablecoins available. They are backed by currencies such as the US dollar, but new and more innovative stablecoins continue to enter the market. Stablecoins are increasing in value as a payment and transaction method.
GYEN’s trusted and transparent network
GYEN is a fiat-collateralized stablecoin that is only issued when a collateralized fiat is held in custody by a third party. GYEN is backed entirely by the Japanese Yen in a 1:1 ratio. It assists users in reducing the impact of volatility and provides high transaction speed with low fees. The GYEN coin aims to function as a global currency on the Ethereum network.
GMO Trust, which is regulated by the New York State Department of Financial Services, is in charge of the GYEN stablecoin project. GYEN ensures greater ecosystem transparency for consumers. The network guarantees that the number of tokens issued will be equal to the amount of deposits held in their partner banks. To increase transparency, the network also provides monthly audit reports completed by an independent and reputable audit firm.
The GYEN stablecoin’s main characteristics
By providing high liquidity, GYEN ensures greater accessibility and feasibility for users. The GMO Trust allows users to easily convert 1 GYEN to 1 JPY. They can also exchange it for the same value on exchanges that support stablecoins. Furthermore, the platform is powered by the Ethereum ERC-20 protocol, ensuring the most effective smart contract mechanism in the industry. As a result, smart contracts carry out seamless transactions that eliminate the margin for error.
In addition, the stablecoin directly issues and redeems tokens. It means that there is no need for a middleman in the entire process. This feature also improves network security and transparency while lowering fees. GYEN bills itself as the most liquid digital asset because it can be easily traded or accessed on reputable exchanges all over the world. Offline keys, dispersive keys, and approval limits are among the security features built into the network. These security features are new and up to date in the industry, lending credibility to the system.
GYEN application examples
Stablecoin, for starters, acts as a hedge against volatility. It also serves as a payment gateway for other digital assets by issuing and redeeming tokens. It also eliminates the constraints of the traditional currency ecosystem. At any time, the token can be used to settle assets.
In the long run, this cryptocurrency can be used for cross-border remittances and money transfers, allowing utility in peer-to-peer transfers and transactions. Furthermore, the network intends to improve GYEN for decentralized finance and decentralized application network.
At the time of writing, the price of GYEN is 1 Yen, which is equivalent to $0.0087. The token has a 2.7B circulating supply, a $23.7M market cap, and a $11.2M trading volume.
Finally, some thoughts
GYEN is a stablecoin created by a subsidiary of Tokyo-based GMO Internet Group, which is publicly traded on the Tokyo Stock Exchange. GYEN, according to GMO, is the world’s first regulated stablecoin. GYEN, which is pegged to the Japanese yen and operates on the Ethereum network, has a lot to offer traders from all over the world who are wary of volatile cryptocurrencies.
The GMO conglomerate controls a significant portion of Japan’s web infrastructure, including cloud hosting, domain registration, payments, and online security. It’s no surprise that its stock has increased by more than 50% since last year. Masatoshi Kumagai, the 57-year-old founder of GMO, is well-known for his private creed known as GMO-ism:
The heads of each business are the priests. And in that example, I think I’m Jesus Christ.Masatoshi Kumagai, GMO Founder, Chairman and President