Gyen is a stablecoin built on the Ethereum blockchain, which is backed by the Japanese Yen. The currency is expected to reach a value of four cents in 2028. However, the currency is subject to sudden price changes. While some industry players believe that Gyen will remain stable for years, others feel that its volatility will cause it to lose its momentum. In any case, it’s important to watch out for any negative news that may derail its upward trend.
The first GYEN coin news to make headlines was its listing on Coinbase. On Nov. 17, GYEN detangled itself from the yen and leapt to a high of 0.065643 – 7.5 times higher than what investors initially thought they were getting. As a result, transfer activity to Coinbase accelerated, and by Nov. 20, the volume transferred through Coinbase had reached $122 million. That figure represented 84% of all transfers through Coinbase.
Despite the recent positive news regarding gyen, the listing of gyen coin on Coinbase has not been without controversy. Coinbase has been accused of misrepresenting the stability of the gyen, leading investors to lose millions of dollars. This led to a lawsuit filed by a group of investors from California, seeking to have the case certified as a class action. As a result of this lawsuit, Coinbase has been working to become more transparent about their listing decisions.
GYEN has been a popular cryptocurrency since it was released, and has been approved by several regulatory bodies. Its first mover advantage means that it’s one of the few providers of yen-pegged currency, giving it a head start over the oversaturated US dollar stablecoin market. However, Mitsubishi’s biggest financial firm has already announced its intention to create its own yen stablecoin in 2023. While the first mover advantage may still hold true for GYEN, there are a number of concerns with the currency’s ability to remain stable in the long term.
The GYEN coin is not yet listed on major exchanges, but it has soared in recent weeks after being listed on Coinbase’s pro members. The GYEN coin price is constantly unstable, and it’s impossible to predict when it’ll reach a price you can afford. The risk of loss is high with any cryptocurrency, and this is why investors must be very careful when investing.
GMO Trust, the issuer of GYEN, is seeking to integrate traditional finance into the digital era by creating a stablecoin. Stablecoins are digital assets that do not experience volatility. The GMO trust is based in New York. GMO Internet Group is a top provider of Internet services worldwide. The company is the largest backer of Terraform Labs, a startup that launched a stablecoin.
Gyen has an ERC-20 standard and is compatible with most leading ERC-20 wallets. It can be traded seamlessly on partner exchanges like Nexus and Liquid. The coin also has a competitive staking reward.
