Coinbase Pro Will Launch Japanese Yen-Pegged Stablecoin

Coinbase Pro announces plans that the exchange is about to launch a stablecoin that is pegged to the Japanese yen. This will be the first of its kind.

GYEN (GYEN) bills itself as the “first regulated digital [Japanese yen].” The project says it is 100% fiat-backed.

It’s also important to note the fact that Coinbase revealed a press release earlier this week announcing Coinbase Pro’s plans to launch GYEN order books with the US dollar, euro, and Tether (USDT).

On the other hand, it’s also worth noting the fact that Coinbase Pro later tweeted that the trading launch had been postponed.

“We have decided to move the launch of GYEN. At this time deposits and withdrawals are still available. We will provide an update as soon as possible and anticipate a launch next week.”

It’s been also revealed GYEN briefly surged to an all-time high of $0.01477139 on Wednesday, and it’s also important to note that it outpaced the yen’s value in relation to the US dollar.

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

Coinbase’s chief executive Brian Armstrong said this summer that the exchange was struggling to list as many altcoins as possible.

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

We suggest that you check out Coinbase’s official press release. 

Not too long ago, Coinbase made headlines in relation to Facebook.

Facebook has been making headlines for a while now regarding its entrance into the crypto space.

It’s been just revealed that Facebook is getting ready to launch the Novi crypto wallet in the United States and Guatemala.

Stay tuned for more news and make sure to keep your eyes on the crypto market as well.