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Coinbase Pro Gets Ready To Launch Japanese Yen-Pegged Stablecoin

Coinbase Pro announces plans to deploy a stablecoin fixing to the Japanese yen. Of course, this is ready to become the first of its kind.

So, GYEN (GYEN) bills itself as the
“first regulated digital [Japanese yen].”

Also, The project notes it is 100% fiat-backed.

Furthermore, Coinbase reveals in a press release earlier this week announcing Coinbase Pro’s plans. Or course, which is to roll out GYEN order books with the US dollar, euro and Tether (USDT).

More so, Coinbase Pro tweets later that the trading launch is on postponement.

“We have decided to move the launch of GYEN…”
“At this time deposits and withdrawals are still available…”

So, Coinbase Continues.
“We will provide an update as soon as possible and anticipate a launch next week.”

Furthermore, after billing itself as a yen-peg stablecoin, GYEN spikes to an all-time high of $0.01477139 on Wednesday. Which of course, surpasses the yen’s value in relation to the US dollar.

More so, The digital asset is seeing decline in price, now trades at around $0.00876, ie. nearly identical to the yen’s value in dollar terms.

Additionally, GYEN is the 1063rd-ranked digital asset by market cap and ist not yet available on the Coinbase retail platform. Also, Even on the firm’s iOS and Android applications.

Lastly, Coinbase’s chief executive Brian Armstrong notes how the exchange keeps trying to list as many stablecoins as possible this summer.

“Reminder about how Coinbase lists assets:”
“our goal is to list *every* asset where it is legal to do so.”

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