Coinbase to convert remaining GYEN holdings to USDC as stablecoin issuer winds down

Coinbase will disable GYEN transfers on Oct. 26 and automatically convert outstanding GYEN balances to USDC between Oct. 26 and Oct. 30 at prevailing market rates without transaction fees. This action coincides with GMO-Z.com Trust Company winding down the Japanese yen-backed stablecoin, which has a market capitalization of approximately $13 million. The stablecoin's troubled trading history led to investor lawsuits and a $6.75 million settlement earlier this year. Customers must withdraw tokens before Oct. 26 to avoid Coinbase's conversion, though direct redemption with GMO Trust is available until Nov. 11.