Coinbase to convert GYEN yen stablecoin to USDC from Oct. 26

Key points

• Coinbase ends GYEN send/receive Oct. 26 and converts balances to USDC Oct. 26-30
• Conversion is at market rate with no fees; withdraw before Oct. 26 to avoid it
• GMO Trust's direct-redemption period closes Nov. 11, 2026
• A $6.75 million settlement over GYEN's 2021 crash was approved in May 2026

Coinbase will end send and receive support for GYEN, a Japanese yen stablecoin, on Monday, Oct. 26, and convert any balances left on the platform to USDC between Oct. 26 and Oct. 30, according to a Coinbase status notice posted Oct. 20. The move follows the wind-down of GYEN by its issuer, GMO-Z.com Trust Company, as reported by CryptoSlate.

What Coinbase customers need to do

Coinbase said tokens will be converted at the market rate at the time of conversion, with no transaction fees. Customers who do not want their GYEN converted must move it to a compatible self-custody wallet before Oct. 26.

The company also warned users not to send GYEN to their Coinbase deposit address, saying such deposits may be unrecoverable and will not be converted. After the conversion, GYEN withdrawals end and Coinbase will no longer accept deposits of the token. Coinbase noted that tax consequences may apply and advised consulting a local tax professional.

GMO Trust’s redemption window

According to CryptoSlate, GMO Trust began winding down GYEN and its dollar-backed ZUSD stablecoin in May 2026, suspending new issuance and starting a voluntary dissolution of its New York-chartered trust company. A 180-day initial redemption period closes Nov. 11, 2026.

CryptoSlate reported that eligible holders can redeem each GYEN for one yen, and each ZUSD for one U.S. dollar, directly with GMO Trust without issuer fees. Redemption requires an approved account, identity verification and a linked eligible bank account, with a minimum of 100 GYEN or one ZUSD. Banks may add their own transfer or foreign-exchange charges.

Tokens not redeemed by Nov. 11 go through a mandatory process, the report said. They will be converted to USDC at stated redemption values using an exchange rate fixed on Nov. 12, with distributions expected to finish by the end of 2026. Holders whose wallets do not meet network, compliance or compatibility requirements may not receive automatic distributions. GMO Trust also warned that secondary-market prices could drift from the peg as supply shrinks.

The two routes can produce different results. Coinbase converts at the market price, while GMO Trust redeems at the stated yen value, so amounts received may differ depending on trading prices and exchange rates. CryptoSlate put GYEN’s market capitalization at about $13 million.

The 2021 price crash and the lawsuits

GYEN launched on Coinbase in November 2021. According to CryptoSlate, its price surged well above the yen peg and then collapsed. A complaint alleged that some investors bought at up to seven times the intended value and that the token fell about 80% in a single day. Plaintiffs argued Coinbase’s trading restrictions kept customers from selling and increased their losses.

In January 2023, a federal judge ordered the claims against Coinbase to arbitration, CryptoSlate reported. Claims against GMO Trust continued in federal court under New York and California consumer protection laws. In May 2026, a federal judge approved a $6.75 million settlement for eligible investors who lost money buying GYEN while it traded away from the peg. GMO Trust did not admit wrongdoing and disputed the allegations, and the settlement did not resolve the separate claims against Coinbase.

What happens next

Coinbase’s conversion runs Oct. 26 to Oct. 30. Holders who want yen-denominated redemption at the stated value must complete the process with GMO Trust before Nov. 11.