Coinbase Professional is asserting plans to launch a stablecoin pegged to the Japanese yen, reportedly the primary of its variety.
GYEN (GYEN) bills itself because the “first regulated digital [Japanese yen].” The mission says it’s 100% fiat-backed.
Coinbase first issued a press release earlier this week asserting Coinbase Professional’s plans to launch GYEN order books with the US greenback, euro and Tether (USDT).
Nevertheless, Coinbase Professional later tweeted that the buying and selling launch had been postponed.
“We’ve got determined to maneuver the launch of GYEN. Presently deposits and withdrawals are nonetheless obtainable. We are going to present an replace as quickly as potential and anticipate a launch subsequent week.”
Regardless of billing itself as a yen-pegged stablecoin, GYEN briefly surged to an all-time excessive of $0.01477139 on Wednesday, far outpacing the yen’s value in relation to the US greenback. The digital asset has since come down in value, buying and selling at $0.008761 at time of writing, and almost similar to the yen’s worth in greenback phrases.
GYEN, the 1063rd-ranked digital asset by market cap, just isn’t but obtainable on the Coinbase retail platform or the agency’s iOS and Android functions.
Coinbase’s chief govt Brian Armstrong said this summer time that the trade was hustling to checklist as many altcoins as potential.
“Reminder about how Coinbase lists property: our objective is to checklist *each* asset the place it’s authorized to take action.”
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