Japanese Yen Stable Coin to Binance Listing
Binance, a major cryptocurrency exchange, announced on the 12th that it will handle the stable coin “GYEN” issued by GMO Trust, which is linked to the Japanese yen. Trading will start at 16:00 on the 12th of Japan time.
Stablecoin is a virtual currency designed to achieve stable prices. GYEN, which has decided to adopt Binance this time, is the world’s first New York State Department issued by GMO-Z.com Trust Company, Inc. (GMO Trust), a consolidated company of GMO Internet Co., Ltd., which develops a virtual currency exchange business in Japan. It is a Japanese yen-linked stable coin approved by the State Department of Financial Services (NYDFS). It also complies with US banking law.
By concluding a partnership with Binance this time, GMO Trust will issue and exchange GYEN with legal tender at a ratio of 1: 1 and will be able to trade with brands such as Bitcoin (BTC) on Binance.
GMO Trust, a New York state trust company, also issues a US dollar-backed digital dollar, “ZUSD.”
According to the announcement, GYEN is confirmed to be 100% supported by fiat currency through monthly external audits under NYDFS regulations. In addition to the advantages of remittance speed and low fees, it is expected that the convenience of users who want to trade in Japanese yen on virtual currency exchanges such as Binance will improve.
GYEN is based on the Ethereum blockchain and will not be sold to residents in Japan.
Kentaro Nakamura, CEO of GMO Trust, commented in the release as follows.
As a pioneer in crypto asset trading, Binance has built innovative solutions in the blockchain ecosystem.
Cryptocurrency assets are becoming mainstream to digitize the Japanese Yen, one of the most traded currencies and pairs in the world, and provide this asset to the “Binance” corporate and individual user ecosystem. I think it symbolizes.
Reference: PR Times, Binance
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