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What is GYEN?

GYEN is a stablecoin that aims to bridge the gap between traditional finance and the blockchain world. It is issued by GMO-Z.com Trust Company, a subsidiary of the GMO Internet Group from Japan, and is pegged 1:1 to the Japanese Yen. GYEN is an ERC-20 cryptographic token that combines the stability of the Japanese Yen with the potential efficiency of a digital asset, all while being strictly regulated by US authorities. As an ERC-20 compliant token, GYEN can be easily transferred on the Ethereum network.

How does GYEN Work?

GYEN is a digital asset that operates on the Ethereum blockchain, utilizing the ERC-20 protocol. It is generated upon withdrawal from GMO Trust's platform and destroyed upon deposit into the platform. The total amount in circulation is publicly visible on the Ethereum blockchain. To ensure its solvency, GMO Trust has enlisted an independent registered public accounting firm to examine and attest to the underlying currency reserves, issuing a publicly available attestation report on a monthly basis.

GYEN has several use cases in the digital asset ecosystem. In the short term, it can be utilized for volatility hedging, payment for other digital assets, fiat equivalent for trading, and clearing/settlement. It also aims to provide another option in the market. In the long term, GYEN seeks to be used for cross-border remittance, money transfers, DApp ecosystem, banking the unbanked, and exchanges and decentralized finance. These use cases aim to leverage the stability, transparency, and efficiency of GYEN.