Japanese Financial and Tech Giant, GMO Internet Group, Partners with Binance to Bring World’s First Regulated JPY-Pegged Stablecoin ‘GYEN’ to the Masses
GMO-Z.com Trust Company, Inc. (“GMO Trust”), the New York-based, regulated stablecoin subsidiary of Japanese Financial Services and Internet conglomerate GMO Internet Group, and Binance today announced its partnership to bring “GYEN”, the world’s first regulated Japanese yen (JPY) stablecoin, to our exchange. GYEN can be purchased and redeemed directly 1:1 from GMO Trust in fiat, and can be traded against popular cryptocurrencies on Binance.com, including BTC and USDT.
GYEN is a financial-grade digital asset, which is fully regulated by the New York Department of Financial Services (NYDFS), 100% fiat-backed and audited publicly on a monthly basis by an independent, accredited national accounting firm.
This represents a major move to digitize the world’s most popular currencies, issued and custodied by a prominent financial player GMO Trust, and made available by Binance as the largest digital asset exchange globally by trading volume. GYEN can be utilized by both institutional firms and retail users for trading, hedging, arbitrage, settlements, and payments to start. GYEN is significantly more efficient and cost-effective than fiat, leveraging the benefits of running on blockchain rails.
“Binance has led the way in cryptocurrency trading and building impactful, innovative solutions for its blockchain ecosystem,” said Ken Nakamura, GMO Trust CEO. “As we digitize one of the world’s most traded currencies, providing this asset to Binance’s ecosystem of retail and institutional users is a key sign that digital assets are moving mainstream.”
GYEN begins trading on Binance’s exchange at 3:00am EDT/3:00pm SGT on Wednesday, May 12th.
Please note that due to regulatory restrictions, GYEN is not offered to Japanese residents, and distributed exclusively outside Japan.