Giant Bitcoin and cryptocurrency exchange Binance is listing a new altcoin. The exchange announced that it will list the JPY-based stablecoin GYEN. The exchange has activated BTC/GYEN and USDT/GYEN trading pairs for the stablecoin, but trading has exploded. Therefore, the exchange had to suspend transactions.
Binance is listing a new altcoin: GYEN!
Leading Bitcoin and cryptocurrency exchange Binance is listing a new altcoin project. The exchange announced that it will list the JPY-based stablecoin GYEN with the following statement:
Binance will list GYEN and start open trading for BTC/GYEN and USDT/GYEN trading pairs at 10/12/2021 CEST. Users can now start depositing GYEN in preparation for trading. GYEN Listing Fee: 0 BNB. Risk warning: Cryptocurrency trading is subject to high market risk. Please do your transactions carefully. Binance will do its best to choose high-quality cryptocurrencies, but will not be liable for your trading losses. Thank you for your support!
Binance announced that it has temporarily stopped trading on Gyen
However, Binance announced that it has temporarily stopped operations on the altcoin project Gyen, which it listed earlier today. The stock market’s decision to stop trading is due to “volatility”. What makes it interesting is that Gyen, a stable and stable cryptocurrency, is pegged to the Japanese yen.
In addition, stablecoins are a type of cryptocurrency that investors use to hedge market fluctuations. Altcoin trading on Binance has stopped. The USDT/GYEN pair on Binance generated over $5 million in volume in a short time.
What is the stablecoin project GYEN?
GMO-Z.com Trust Company, Inc. (“GMO Trust”), GYEN is the world’s first regulated JPY stablecoin. Similar to PAX or USDC, GYEN is a 1:1 backed cryptocurrency with fiat held in FDIC-insured banks. cryptocoin.com As we have previously reported, fiat reserves are audited and published monthly by a third party accounting firm.
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