Binance will list GYEN
Users of the largest cryptocurrency exchange Binance will have access to a stablecoin backed by the Japanese yen GYEN. This became possible as part of the cooperation of the trading platform with the fintech conglomerate GMO.
GYEN is issued by GMO-Z Trust and is the world's first JPY stablecoin. As with all similar tokens such as PAX or USDC, it is backed by fiat at a 1:1 ratio, which is held in FDIC-insured banks. Its reserves are subject to regular public audit by an accredited national accounting firm.
The launch of GYEN, according to Binance representatives, was an important step towards the digitisation of the world's most popular currencies. Within the framework of the crypto exchange, this asset can be used by both institutional and retail investors for the purpose of trading, hedging, settlements, and arbitrage.
According to GMO CEO Ken Nakamura, the fact that the yen has been digitised in the Binance ecosystem is one of the characteristic indicators that cryptocurrencies are gaining more and more popularity. In addition, the conglomerate expects GYEN tokens to be more profitable than fiat by leveraging the benefits of the blockchain.
GYEN trading will be available on Binance from 07:00 UTC.
Residents of Japan should take into account that due to a number of regulatory restrictions, GYEN tokens are not available to them. GYEN will only be distributed outside the country.