GMO Internet Group Partners with Binance to Bring Stablecoin 'GYEN' to Masses
GMO-Z.com Trust Company, Inc. (GMO Trust), the New York-based, regulated stablecoin subsidiary of Japanese Financial Services GMO Internet Group, and Binance, the world's largest cryptocurrency exchange, announced its partnership to bring "GYEN", the world's first regulated Japanese yen (JPY) stablecoin, to Binance's exchange.
This partnership will allow traders to purchase GYEN from GMO Trust and trade against popular cryptocurrencies on Binance, including BTC and USDT. GYEN begins trading on Binance's exchange at 3:00am EDT/3:00pm SGT on Wednesday, May 12th.
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.
GMO Trust CEO, Ken Nakamura, said: "Binance has led the way in cryptocurrency trading and building impactful, innovative solutions for its blockchain ecosystem. 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."
Fazzaco earlier reported that GMO Trust partnered with Shift Markets, a leading provider of cryptocurrency exchange solutions, to integrate GYEN onto Shift Markets' global network of exchanges linked through their liquidity provider, NEXUS.
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