GYEN is a fiat-backed stablecoin that tracks the price of the Japanese yen (JPY) and is issued by Japan’s GMO-Z.com Trust Company.
At its launch, GYEN joined a growing field of stablecoins composed largely of tokens pegged to the U.S.
Dollar or Euro. The token’s peg to the Japanese Yen (JPY) made it stand out among its peers. Issued by GMO-Z.com Trust company (aka “GMO Trust”), GYEN gives crypto users exposure to the Japanese fiat currency in the digital space.
GYEN was released alongside GMO Trust’s U.S. Dollar stablecoin, ZUSD, which was built using the same design. Therefore, all aspects of ZUSD are applicable to GYEN—apart from the pegged fiat currency.
How was GYEN developed?
GYEN is issued by GMO-Z.com Trust Company, otherwise known as GMO Trust. The company is a New York-based subsidiary of the Japanese GMO Internet Group Inc.
How does GYEN work?
GYEN was designed as an ERC-20 token on the Ethereum blockchain, but it was later introduced to other chains such as Solana and Stellar—along with its companion stablecoin, ZUSD. GMO Trust’s customers can interact directly with the company through an online platform that allows them to receive newly minted GYEN in exchange for depositing an equivalent value of assets. Users can also obtain GYEN on the open market through decentralized exchanges or other means, and it can be used just like any other stablecoin.
Further information about GMO Trust’s design of GYEN and ZUSD can be found in Bitstamp’s article about ZUSD.
Conclusion
GYEN is a fiat-backed, JPY-pegged stablecoin issued by the GMO-Z.com Trust Company.
GYEN provides GMO Trust’s customers with digital exposure to the Japanese yen and the ability to participate in the crypto economy using Japan’s fiat currency.
In addition to GYEN, GMO Trust issues the US dollar-pegged ZUSD stablecoin. The two tokens are based on the same design and have had a similar course of development.