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GYEN (GYEN) Price

GYEN
4,4
$0.00664687
Market cap
13,811,533.0
Total volume
63,862
Circulating supply
2,077,901,861
Total supply
2,077,901,861
GYEN

As the cryptocurrency market is unpredictable and financial instruments, in general, are unstable, many individuals seek additional ways to store, invest, and transfer their assets. Stablecoin has become a popular solution, as it is a type of cryptocurrency linked to fiat, such as the dollar or euro, or a physical asset, like gold. Unlike Bitcoin or Ether, stablecoins are not subject to volatility, making them a reliable option. However, there are examples that stablecoins are not exempt and can still be volatile. USDC, the USD Coin, was affected by the collapse of the Silicon Valley Bank with more than $3.3 billion in coins, reaching around $0.91-$0.86. Further in the text, you will also see stablecoins’ volatility in the example of GYEN.

GYEN, a stablecoin backed by the Japanese yen, has emerged as a popular alternative for people who want to enjoy the benefits of cryptocurrencies without worrying about price volatility. In this article, we explore the token itself, its current price, and future GYEN predictions.

What is GYEN Crypto?

GYEN Crypto is a stablecoin that operates on the Ethereum blockchain and is secured by an equivalent amount of Japanese yen, making it the first JPY-based digital currency. As a stablecoin, GYEN solves the problem of cryptocurrency instability by ensuring a fixed value through its reliance on the JPY. According to the official GYEN website, the token is fully collateralized; thus, users can trade or redeem their GYEN for Japanese yen at any time.

Source and Copyright: © GMO-Z.com Trust Company Inc.

Who’s Behind GYEN Token?

GYEN Token is a private initiative and project of GMO-Z.com Trust Company Inc. (GMO Trust), established in 2020, a Limited Purpose Trust Company regulated by the New York State Department of Financial Services. This trust is a subsidiary of GMO Financial Holdings, a Tokyo-based financial conglomerate GMO Internet Group of Japan.

The GYEN token team, led by CEO Ken Nakamura and COO Tomohisa Onishi, released the official whitepaper for their stablecoins GYEN in 2021. GMO Trust is responsible for issuing and managing GYEN tokens, ensuring their stability and compliance with regulatory requirements.

GYEN Partners 

To support GYEN’s growth and adoption GMO Trust has partnered with other notable entities, such as Strategic Business Innovator (SBI) Group, a leading financial services company in Japan, and Sumitomo Mitsui Financial Group (SMFG). Both of the partners have been involved in the promotion and development of GYEN. Such esteemed partnerships provided the necessary credibility and confidence to GYEN as a stablecoin people should pay attention to right at the start of the project.

GYEN Investors 

What about the investors and rounds of investments? GYEN hasn’t done any of them yet, or they didn’t share them in public areas, because there is no official data about it. The GMO Trust Company may hold some rounds in the future, thus, stay tuned to the official information from the project website or our news section.

GYEN Token

GYEN token is a digital currency that is pegged to the Japanese yen (JPY). The primary purpose of GYEN is to provide a digital representation of the Japanese yen, offering stability and liquidity in the cryptocurrency market. It aims to combine the advantages of cryptocurrencies, such as fast and low-cost transactions, with the stability of a fiat currency like, in our case, the yen.

GYEN Current Price

In recent years the GYEN price has been fluctuating. When it was launched in September 2020, the stablecoin was initially trading at around $0.10, but since then it has been moving through the rollercoaster.

According to CoinMarketCap, at the moment of writing this article, the GYEN was trading around $0.006884. Over the past week, the price of JPY-based stablecoin has declined by 0.23%, and over the last 24 hours, has decreased by 0.67%. The current price of GYEN has dropped by 0.12%. As a common overview, the price of GYEN is 97.99% below the historical maximum of $0.34. The current volume of GYEN in circulation is 2 733 961 999.

It is important to note that cryptocurrency prices are highly volatile, and it is impossible to predict with certainty what the price of the GYEN will be in 2023. According to a recent prediction by CryptoPredictions, GYEN is expected to reach a maximum price of $0.011, with a minimum price of $0.0080 by 2023.

Source and Copyright: © TradingView

GYEN Price Prediction

The GYEN, of course, has gained popularity and is a very promising project. However, like all cryptocurrencies, even being backed by fiat, it still remains a speculative investment. It is impossible to know and predict for sure the price of GYEN in the future.

Despite that, there are some predictions and opinions in the field of the cryptocurrency analysts and specific websites. Thus, the price-predicting website PricePredictionNet, for example, uses deep machine learning and gives AI the task of creating the crypto prognosis. Here are the predictions for GYEN from their AI:

  • In 2024 the price could reach $0.012-$0.014;
  • In 2025 the price could reach $0.018-$0.021;
  • In 2026 the price could reach $0.027-$0.033;
  • In 2027 the price could reach $0.040-$0.046;
  • In 2028 the price could reach $0.060-$0.069;
  • In 2029 the price could reach $0.084-$0.10;
  • In 2030 the price could reach $0.12-$0.14.

Coindataflow listing, for example, is predicting GYEN’s future price for the next 5 years in the following way: they say that GYEN’s price will be on an upward trend with a maximum price of $0.014691, with the lowest peak of around $0.00904.

Others are more cautious, suggesting that it may take longer for the token to achieve these levels. While it is impossible to know for sure what the future holds for the GYEN, the project has garnered significant attention, but it is necessary to be attentive and remember the risks that follow cryptocurrency assets.

Trading GYEN: Where Can You Buy and Trade GYEN?

There are several exchanges where you can buy and sell GYEN. It is listed on several reputable exchanges, including Coinbase, Nexus, and Uniswap. Each exchange has its strengths and weaknesses, so it is worth researching each one before deciding where to trade. For example, Coinbase is known for its user-friendly platform and is great for newcomers in crypto, while Uniswap offers a high degree of privacy, doesn’t require users to provide personal information and is more complicated to use for novice traders.

Here is the list of the exchanges you can buy and trade GYEN:

Source and Copyright: © GMO-Z.com Trust Company Inc.

Is GYEN Crypto a Good Investment?

To make a conclusion and understand if is it worth paying attention to the GYEN Crypto, we need to sum up the insights from this article. It's important to consider both the positive and negative aspects of GYEN when making decisions about investing or using the token.

Pros:

  • Stability

GYEN is a stablecoin, meaning it is pegged to the Japanese yen. This stability makes it an attractive option for users who want to benefit from the advantages of cryptocurrencies while avoiding price volatility.

  • Fiat-backed

GYEN is backed by actual Japanese yen reserves, providing transparency and reassurance to users. Each GYEN is fully collateralized, ensuring that there is a tangible asset supporting its value.

  • Accessibility

GYEN can be easily traded, stored, and transferred on various platforms, making it widely accessible to users who want to engage with digital currencies.

  • Security

GYEN leverages blockchain technology, which is known for its robust security features. Transactions made using GYEN can be verified and recorded on the blockchain, enhancing security and reducing the risk of fraud.

Cons:

  • Centralization

As a stablecoin, GYEN is issued and managed by a central entity. This centralization raises concerns among some users who prefer decentralized cryptocurrencies.

  • Counterparty Risk

Although GYEN claims to be backed by Japanese yen reserves, there is still a level of counterparty risk associated with relying on the issuer's ability to maintain sufficient reserves.

  • Regulatory Challenges

Stablecoins like GYEN may face regulatory scrutiny in different jurisdictions, which could introduce legal and compliance challenges for users and service providers like it is now in Japan. Due to regulatory restrictions, GYEN is not offered to Japanese residents and is distributed exclusively outside Japan.

Whether or not GYEN crypto is a good investment is ultimately up to individual evaluation based on personal investment strategies and research. Investing in stablecoins like the GYEN may be best thought of as a way to manage high volatility in the rest of the cryptocurrency market without completely exiting cryptocurrencies altogether.

Like all cryptocurrencies, the value of GYEN is highly volatile and can fluctuate rapidly. Investors need to consider their risk tolerance and evaluate potential investments carefully. Thus, our article is not a financial recommendation, and we encourage you to DYOR besides reading the news, articles, and blogs on the Internet.

Frequently Asked Questions

Is GYEN a stablecoin?

Yes, it is a digital currency that has a stable value. Each unit of GYEN is backed by Japanese yen in a 1:1 ratio. One of the main goals of stablecoins like GYEN is to provide quick and safe transactions with low volatility for their users.

What happened to GYEN on Coinbase?

Coinbase customers had some glitches with GYEN on November 21 2021, reporting decimal price display issues. Only a small number of trades were affected, Coinbase declared. However, in May 2022, there was a lawsuit over GYEN price fluctuations, but there were specific incidents and not ongoing issues with GYEN on Coinbase.

Is GYEN removed from Coinbase?

No, it is not, at least while writing this article. There are mixed reports about GYEN being removed from Coinbase, some customers experienced glitches with GYEN, and a Reddit post claimed it was delisted, but there's no reliable confirmation. Check Coinbase's website for accurate information on GYEN's availability.

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