There are a lot of different opinions about the Gyen coin and its potential for growth, and some of them conflict with each other. Some say the price will be rising for the next five years, while others are skeptical. But, the current news surrounding the coin could change that opinion. The price of Gyen has been on a sudden rise recently. And now, with Coinbase listing the currency, the price could continue to rise.
In November, the stablecoin depegged from its target of 1 yen, and it started climbing. It hit a high of 5.97 yen on November 17 and then fell back to the peg of one yen on 20 November. However, there is no apparent reason for this spike in price. In addition, the stablecoin was listed on Coinbase the day before it went up. Coinbase then took steps to prevent any harm to the market and restricted investors from selling GYEN in order to prevent the coin from falling below its 1 yen peg.
The GMO Trust also conducts regular audits, making sure that the amount of JPY in its trustee bank accounts is accurate. This is a key point to keep in mind as GMOZ is currently one of the few yen-pegged cryptocurrencies. This gives GMOZ the edge over the already overcrowded US dollar stablecoin market. However, the initial mover advantage may not last long as other currencies are expected to launch their own yen stablecoins within the next few years.