Coinbase Moves GYEN Holdings into USDC as Yen Stablecoin Is Retired
Coinbase is ending support for the yen-linked GYEN stablecoin and converting balances into USDC at market rates by October 30, per NewsBTC.
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what happened
Coinbase has informed its users that it is discontinuing support for GYEN, a stablecoin pegged to the Japanese yen, because its issuer, GMO-Z.com Trust Company, is closing the product. According to NewsBTC, citing Coinbase's status notice, the platform blocked sending and receiving of GYEN starting October 26, 2026.
Remaining GYEN balances will be swapped into USDC between October 26 and October 30. The swap happens at whatever market rate prevails at the time, not at a guaranteed yen-to-dollar level, and Coinbase says it will charge no fee for it. Customers who wanted to keep GYEN had to use an earlier withdrawal window.
Once the process is complete, Coinbase will stop supporting GYEN deposits and withdrawals, and it warns that funds sent after that point may not be recoverable.
why it matters
For traders, the case shows that a stablecoin's availability depends not only on its blockchain but also on the issuer and the exchanges that list it. GYEN is tied to the yen while USDC is tied to the dollar, so the value received after conversion will depend on the USD/JPY rate at the moment of the swap.
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sources
- Coinbase Converts GYEN Balances to USDC as Stablecoin Winds Down — newsbtc.com, 28 October 2026 at 01:00 UTC
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