Coty

[DIP-011] Add GYEN/USDC Liquidity Pool

Voting ended over 3 years agoSucceeded

Summary:

GYEN is the first and only regulated Japanese Yen (JPY) stablecoin issued by a New York limited purpose trust company, GMO-Z.com Trust Company.
GYEN is minted with a 1:1 JPY. Reserves held at JPY-denominated bank account in the U.S. (100% cash collateralized).
GYEN is an ERC20 token at the moment and additional chains will be added over time.
The circulating supply will be the amount of fully paid tokens that have been minted.
GYEN is audited monthly by Friedman LLP to ensure 1:1 peg is maintained.
GYEN is not a security under U.S. law (an opinion letter can be provided upon request)

Attestation reports can be found here - https://stablecoin.z.com/attestation/

Motivation

The Japanese YEN (JPY) is the world’s third liquid currency, with USD/JPY pair being the second most traded currency pair. JPY is often considered a safe haven currency to mitigate FX risk against the USD, EURO, etc. With the recent macroeconomic environment and the volatility of traditional currencies, GYEN is heavily traded against USD, USDT, and USDC. The overall GYEN trade volume across CEXs and DEXs has surpassed $1B in the past 12 months, with a daily average volume of approximately $1.4MM.

References

Contract address: https://etherscan.io/token/0xC08512927D12348F6620a698105e1BAac6EcD911

Github: GMO Trust Stablecoin Contract

Communities:

Twitter - https://twitter.com/GMOTrust
LinkedIn - https://www.linkedin.com/company/gmo-z-com-trust-company

Security Audit: Smart Contract Security Audited by Quantstamp

JPY/USD price oracle on Chainlink: JPY / USD | Chainlink

Contract address: 0xC08512927D12348F6620a698105e1BAac6EcD911

Pros

GYEN is the one and only Japanese Yen stablecoin, regulated by the New York State Department of Financial Services (DFS).
Japanese Yen is the world’s third liquid currency and is often seen as a safe haven currency.

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GYEN presents an opportunity for users to hedge against other assets.
GYEN is strategically supported by centralized exchanges, liquidity providers and market makers, custody providers, decentralized exchanges, and DEX aggregators such as 1Inch.

Cons

GYEN is fairly new with a current market cap of approximately $30MM (3.8B GYEN in circulation)

Off-Chain Vote

Yes

2.96M DFX93.6%

200.73K DFX6.4%

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Discussion

[DIP-011] Add GYEN/USDC Liquidity Pool

Timeline

Sep 02, 2022Proposal created

Sep 02, 2022Proposal vote started

Sep 09, 2022Proposal vote ended

Oct 26, 2023Proposal updated

Summary:

GYEN is the first and only regulated Japanese Yen (JPY) stablecoin issued by a New York limited purpose trust company, GMO-Z.com Trust Company.

GYEN is minted with a 1:1 JPY. Reserves held at JPY-denominated bank account in the U.S. (100% cash collateralized).

GYEN is an ERC20 token at the moment and additional chains will be added over time.

The circulating supply will be the amount of fully paid tokens that have been minted.

GYEN is audited monthly by Friedman LLP to ensure 1:1 peg is maintained.

GYEN is not a security under U.S. law (an opinion letter can be provided upon request)

Motivation

Pros

GYEN is the one and only Japanese Yen stablecoin, regulated by the New York State Department of Financial Services (DFS).

Japanese Yen is the world’s third liquid currency and is often seen as a safe haven currency.

GYEN presents an opportunity for users to hedge against other assets.

GYEN is strategically supported by centralized exchanges, liquidity providers and market makers, custody providers, decentralized exchanges, and DEX aggregators such as 1Inch.