Binance listed new stablecoin GYEN on its platform today
Binance announced today that GYEN, a regulated stablecoin pegged to the Japanese yen, will start trading on its platform. The platform opened trading for BTC/GYEN, as well as USDT/GYEN trading pairs.
The world’s largest cryptocurrency exchange partnered with New York-based GMO Trust recently. The latter is a subsidiary of GMO Internet Group – A Tokyo-based global financial and tech conglomerate.
The GYEN is a financial-grade stablecoin explicitly designed to help people benefit from the growing blockchain finance sector. Customers can purchase GYEN directly from GMO Trust. They will also be able to redeem the token 1:1 for fiat.
GMO-Z.com Trust Company aims to become the bridge between blockchain and traditional finance for everyone. Along with GYEN, the world’s first regulated Japanese YEN-pegged stablecoin, they are issuing ZUSD, the new digital dollar.
GMO-Z.com Trust Company was established in 2020. Initially, it had a limited purpose trust charter, granted by the New York State Department of Financial Services. The company is currently a subsidiary of IT and financial conglomerate GMO Internet Group from Japan.
Why did the company decide to launch GYEN?
The number of mainstream companies and institutions aiming to adopt digital assets continues to grow. As a result, more and more people invest in stable coins. They play a major role in the cryptocurrency market because of offering price stability.
Such demand for a stable digital asset has led to an increase in the trend towards digitizing some of the leading currencies worldwide, including USD and JPY.
The popular stablecoins TrueUSD (TUSD) and Tether (USDT) are pegged on the US dollar. On the other hand, the Japanese yen backs GYEN by 100%.
Ken Nakamura, the GMO Trust’s chief executive, noted that they digitized one of the world’s most-traded currencies, adding that providing an asset to Binance’s ecosystem of institutional and retail users is a clear sign that digital coins are moving mainstream.
Apart from being 100% fiat-backed, the New York Department of Financial Services (NYDFS) fully regulates GYEN in the U.S.
