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EVENT / TOPICHistorical

Coinbase to Suspend GYEN Transfers and Convert Balances to USDC

1 reports1 sources10/23/2026 updated

Current overview (not historical)

AI overview

Coinbase will suspend GYEN transfers and automatically convert user balances to USDC starting October 26, as its parent company GMO-Z.com Trust Company liquidates the Japanese yen stablecoin with a market cap of approximately $13 million. This follows a price crash that led to investor lawsuits, which were resolved with a $6.75 million settlement in May 2026.

Written with AI from the reporting · updated 10/23/2026

Latest developmentOct 24, 01:10
Coinbase to convert remaining GYEN holdings to USDC as stablecoin issuer winds down
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  1. 1Unclassified fact stationOct 26, 00:00recorded Oct 24, 01:32single sourcerevised

    Coinbase将在10月26日停止GYEN转账并转换余额

    Read original source ↗ CryptoSlateReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    Coinbase
    Action：
    自动转换GYEN持有者余额为USDC
    Object：
    GYEN持有者
    Occurred (fact side)：
    Oct 26, 00:00
    CryptoSlate ↗Report pageRevision 2 · currently revised
    Published (valid side)：
    Oct 24, 01:10
    First seen (known side)：
    Oct 24, 01:32
    Fact stationSingle source · one-sided claimRevised

    Copy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.

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Oct 24
  1. CryptoSlateRelated fact: single sourceSource report revised
    Coinbase to convert remaining GYEN holdings to USDC as stablecoin issuer winds down

    Report first recorded Oct 24, 01:32

    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.

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