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HomeCrypto NewsExchangesBinance Partners With Japanese Financial Giant, GMO Internet Group to Bring World's First Regulated JPY-Pegged Stablecoin 'GYEN' to the...

Binance Partners With Japanese Financial Giant, GMO Internet Group to Bring World’s First Regulated JPY-Pegged Stablecoin ‘GYEN’ to the Masses

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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 Binance’s exchange. GYEN can be purchased and redeemed directly 1:1 from GMO Trust in fiat, and can be traded against popular cryptocurrencies on Binance, including BTC and USDT.


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GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance and the digital asset space since its inception in 1991. It operates the world’s largest online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway and a regulated stablecoin

GMO Trust, based in New York, is a Limited Purpose Trust Company, regulated by the New York Department of Financial Services. Issuing the World’s First regulated JPY stablecoin.

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. 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.”

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Binance will list GYEN and open trading for BTC/GYEN and USDT/GYEN trading pairs at 2021-05-12 7:00 AM (UTC).

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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