GYEN

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

GYEN operates on the Ethereum blockchain, using the ERC-20 protocol, a technical standard for smart contracts. It is created at the time of withdrawal from GMO Trust’s platform and redeemed or “destroyed” at the time of deposit into the platform. The total amount in circulation can be publicly viewed on the Ethereum blockchain. To assure users of its solvency, GMO Trust has engaged 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 aims to serve several use cases in the digital asset ecosystem. In the near term, it can be used 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 longer 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.

Established in 2020, GMO-Z.com Trust Company was granted a limited purpose trust charter by the New York State Department of Financial Services and is a subsidiary of financial and IT conglomerate GMO Internet Group from Japan. The company issued GYEN, a regulated Japanese Yen-pegged stablecoin, with the intention of connecting traditional finance and blockchain for everyone. The company operates under policies, regulatory oversight, and security standards with the intention of aligning its digital assets with traditional asset frameworks.