Coinbase to drop this Japanese yen stablecoin years after its price crash sparked investor lawsuits
Coinbase will disable GYEN transfers on Oct. 26 and convert customers’ remaining balances to USDC at prevailing market rates, without fees, by Oct. 30. Customers can avoid the conversion by withdrawing before the cutoff. The move follows issuer GMO-Z.com Trust’s decision to wind down GYEN and ZUSD; direct redemptions at their stated yen and dollar values remain open until Nov. 11 for eligible, verified customers. Market-price conversion on Coinbase may yield a different amount than direct redemption. After the deadline, some eligible tokens will be converted to USDC under a separate process expected to finish by the end of 2026. GYEN’s shutdown follows past peg volatility and investor litigation; GMO Trust agreed to a $6.75 million settlement, without admitting wrongdoing.
