GYEN | Bluechip

GYEN by GMO Internet Group is backed exclusively with bank deposits held in custody by the East West Bank in California, US. Since GYEN is being phased out, the reserves are held as bank deposits to fulfill timely redemption requests.
Reserves backing GYEN are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer’s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.
GYEN is issued by GMO Internet Group via the GMO-Z.com Trust Company, a limited purpose trust company regulated by the New York Department of Financial Services (NYDFS). However, guidelines issued by the NYDFS are not applicable to GYEN as a non-USD stablecoin.
GMO Internet Group publishes monthly attestations of reserves backing GYEN. The issuer is required to submit audited financial statements of the issuing subsidiary to the NYDFS and those of the parent company to the Financial Services Agency (FSA) in Japan.
GYEN does not have sufficient secondary market trading volume or onchain liquidity to allow current holders to exit without slippage. However, all holders from supported jurisdictions can onboard with the issuing subsidiary and redeem GYEN directly at par.
Since GYEN has entered voluntary dissolution, users cannot mint new GYEN. Due to this, riskless arbitrage does not exist when GYEN trades above $1.
Suitability - Since GYEN is being phased out, we do not recommend using this stablecoin. Users are better served by other alternatives from issuers with ongoing operations.

GYEN is backed exclusively by YEN bank deposits. Reserves are held in segregated accounts by the East West Bank.

Since GYEN is being phased out, users can no longer mint new supply. Existing holders can redeem directly with the issuer.

GYEN is issued by GMO-Z.com Trust Company, founded as a subsidiary of the GMO Internet Group in 2020.

The issuer is led by Ken Nakamura as the CEO of GMO-Z.com Trust Company and Masatoshi Kumagai as the CEO of GMO Internet Group.

This factor evaluates technical implementation using sub-factors that cover smart contract quality, oracle & bridge risk, supply integrity, and more.

This rating was published under a previous version of our methodology, which did not assign a standalone score to this factor.

This factor evaluates decentralization using indicators such as regulatory oversight, asset custody, governance controls, and more.

GYEN is not suitable for users who prioritize censorship resistance over regulatory protection. Decentralization is not a key objective for the issuer.

GYEN is issued by a limited purpose trust company that is regulated by the New York Department of Financial Services (NYDFS).

However, guidance issued by the NYDFS is only applicable to stablecoins pegged to the USD and therefore not applicable to GYEN.

This factor evaluates external feedback using indicators like prediction markets, social sentiment, perpetual futures, and more.

Currently, we do not assign a standalone score to this factor. An independent assessment of external feedback will be included in future iterations.