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GYEN

GYEN

2.0

Price
$0.0069
10/1/2022, 9:30:12 PM
diamondHands

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Market

Market stats

Market cap

$18.9M

Volume (24h)

$22,028.39

Circulating supply

2.7B GYEN

Typical hold time

1 day

Popularity

#178

All time high

$0.34

Price change (1h)

+0.12%

Price change (24h)

+0.03%

Price change (7d)

-0.83%

Trading activity

81% Buy0% Buy
19% Sell100% Sell

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GYEN is on the decline this week.

The price of GYEN has fallen by 0.83% in the past 7 days. The price increased by 0.03% in the last 24 hours. In just the past hour, the price grew by 0.12%. The current price is $0.006897 per GYEN. GYEN is 97.97% below the all time high of $0.34.

The current circulating supply is 2,733,961,999 GYEN.

About

GYEN is a stablecoin running on Ethereum that’s intended to maintain a value of one Japanese Yen. The company behind GYEN, GMO-Z.com Trust Company, claims to hold reserves that fully back each GYEN.

What Is Gyen (GYEN)?

Gyen (GYEN) is a stablecoin pegged to another currency, YEN. The Japanese yen (YEN) that backs GYEN is safely stored in Federal Deposit Insurance Corporation (FDIC)-insured trustee bank accounts. The platform aims to reduce price volatility by tying the value of the traditional currency to the digital asset in a 1:1 ratio. As a result, this stablecoin seeks to be a reliable source of value, such as the Japanese yen (JPY), which is backed by JPY reserves. 

The GMO Trust issues the GYEN token with a mission to incorporate traditional finance into the digital era using blockchain technology. By using blockchain, the trust aims to create a stablecoin, a financial transfer solution free of volatility. GMO Internet Group (GMO) claims to be one of the most reputable and comprehensive providers of industry-leading internet services worldwide. GMO Trust, based in New York, issued the world’s first regulated JPY stablecoin.  

Further, the GMO Trust seeks to use GYEN to address concerns about unregulated stablecoins and stablecoins that don’t use traditional currencies as backing. The GYEN stablecoin, according to the protocol, offers a substantial leap in digital assets, using the existing financial system’s infrastructure, regulatory control, and currency stability while functioning at the speed and efficiency of the internet.

The GMO whitepaper states that digital assets are highly volatile. Generally, retail and institutional traders convert their holdings to stable value assets to protect them from this volatility. The GYEN token seeks to facilitate near-instant hedging of the digital asset to a traditional currency. Further, the token functions as a stablecoin since it makes the trading and redemption of conventional and digital assets more accessible. GYEN token seeks to cater to more users as more asset categories move to blockchain.

Furthermore, GYEN employs the ERC20 standard to eliminate human error. ERC20, a smart contract of the Ethereum blockchain, operates under a set of rules in a computer-programmed sequence. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in protocols on a blockchain. Thereby, smart contracts enable the execution of trustworthy transactions without the involvement of a third party. 

Accordingly, these transactions are traceable and irreversible, which means that the data’s integrity and the execution of computer-based procedures are protected. While GMO Trust acts as the issuance and redemption mechanism, the stablecoin transactions happen on the Ethereum network, eliminating the need for third-party financial facilitators. Thus, this blockchain seeks to publicly view account balances, token supply, and on-chain operations for the GYEN token.

Referred to as “digital JPY” according to the whitepaper, GYEN is the official ticker of this stablecoin. Users receive and redeem GYEN on a simple and straightforward interface that the GMO Trust seeks to provide. After the user deposits a corresponding traditional currency as collateral to their platform, GYEN tokens are released. Further, at the 1:1 exchange rate, the precise quantity of GYEN tokens is released after validating the deposit that the user makes. Likewise, the platform seeks to perform the redemption procedure similarly. That is, a conversion rate of 1:1 is applied for the validated deposits that seek to enable the users to redeem tokens.

History of Gyen (GYEN)

The GYEN token was launched by GMO-Z.com Trust company, established in 2020. The trust is a subsidiary of IT and financial conglomerate GMO Internet Group of Japan. The team behind the GYEN token includes Ken Nakamura (CEO), Tomohisa Onishi (COO), and others. In 2021, the GMO Trust released the official whitepaper of its stablecoins, GYEN and ZUSD.

How to Buy GYEN Tokens

The GYEN tokens can be purchased on Coinbase.com or the Coinbase app. It's safe, secure, and easy.

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Social

GYEN on social media.

GYEN was mentioned in 1,063 out of 1,810,058 social media posts on Twitter and Reddit on Sep 30, 2022. 208 unique individuals are talking about GYEN and it is ranked #177 in most mentions and activity from collected posts.

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Key indicators

Contributors

208 people

Posts

1,063 posts

Dominance

0.06%

Volume rank

#177

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FAQ

What is the current price of GYEN?

The price of 1 GYEN currently costs $0.0069.

What is the market cap of GYEN?

The current market cap of GYEN is $18.86M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of GYEN?

The all-time high of GYEN is $0.34. This all-time high is highest price paid for GYEN since it was launched.

What is the 24 hour trading volume of GYEN?

Over the last 24 hours, the trading volume of GYEN is $22.03K.

What other assets are similar to GYEN?

Assets that have a similar market cap to GYEN include NULS, StaFi, AhaToken, and many others. To see a full list, see our comparable market cap assets.

How many GYEN are there?

The current circulating supply of GYEN is 2.7 billion.

What is the typical holding time of GYEN?

The median time that Coinbase customers hold GYEN before selling it or sending it to another account or address is 1 days.

What is the relative popularity of GYEN?

GYEN ranks 88 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of GYEN?

Currently, 81% of Coinbase users are buying GYEN. In other words, 81% of Coinbase customers have increased their net position in GYEN over the past 24 hours through trading.

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