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Highlights
- All the rumor aside, GYEN crypto is a stablecoin, which means its price is largely stable
- GYEN is launched by a subsidiary of Tokyo-based GMO Internet Group, which is listed on Tokyo Stock Exchange
- The company claims to have backed GYEN stablecoin by fiat currency with a provision of third-party audit
Is cryptocurrency investment all about Bitcoin? Did you know that altcoins like Axie Infinity (AXS) and Shiba Inu (SHIB) dwarfed the return of Bitcoin in 2021 by a big margin? In this light, let’s find out more about another altcoin, GYEN crypto, which is making noise in the crypto world.
What is GYEN crypto?
GYEN is issued by a subsidiary of Tokyo-headquartered and Tokyo Stock Exchange-listed GMO Internet Group. In 2020, GMO formed a subsidiary, GMO-Z.com Trust Company, to diversify into blockchain. It combines traditional finance and payments systems with the decentralized technology.
Coinbase lists GYEN crypto: What is its price prediction?
GMO-Z.com claims that GYEN is a regulated stablecoin, purportedly the world’s first, and is pegged to the Japanese Yen. A major stablecoin in crypto world is Tether, which has a nearly US$70 billion market cap.
Also read: Why Tether’s alleged scam could wreak havoc on crypto market if true?
On its website, the company also asserts that GYEN is fully backed by underlying fiat currency with a 1:1 reserve. It is claimed that equivalent amount of fiat currency is maintained in reserves and this is regularly audited to infuse confidence and maintain price stability.
The company states it has a limited purpose trust charter by the New York State Department of Financial Services. Apart from GYEN, GMO-Z.com has also released ZUSD, which it claims is a ‘digital dollar’.
Why is GYEN crypto rising?
There was a limited bull run in GYEN token’s price when it skyrocketed to US$0.014 from US$0.0088.
This rise in GYEN price can be attributed to Coinbase’s announcement of listing GYEN on its Coinbase Pro trading platform. Coinbase allowed GYEN crypto holders to transfer their assets to the platform. It stated that once there is adequate supply of the crypto, trading in GYEN will commence.
Is GYEN an Ethereum-based crypto?
GYEN uses the Ethereum’s blockchain to store smart contracts. This way it weeds out any intermediaries and promises transparent and low-priced money transfers.
Also read: Is Bitcoin better than gold as hedge against high inflation?
What is GYEN price prediction?
GYEN is a stablecoin pegged to a fiat currency with a 1:1 reserve. It is likely that a big price movement will never be seen, but the recent nearly 60 per cent rise in price owes to Coinbase GYEN crypto listing.
It is notable that one Japanese Yen can be presently converted for US$0.0089, which is also the price of one GYEN crypto.
Also read: Can Bitcoin end 2021 with a price tag of $100,000?
Bottom line
Despite the recent surge in the price of GYEN crypto, it is to be remembered that it is a stablecoin. It will be used within the GMO Internet Group’s subsidiary to enable fast and cheap payment transfers. GMO claims to have maintained a 1:1 reserve of GYEN with independent monthly audits. GYEN stablecoin is an interesting watch as it is pegged to the Japanese Yen, which is one of the major reserve currencies.
