Coinbase to Auto-Convert GYEN Balances to USDC by October 30

GYEN Transfers Stop October 26

Coinbase will end support for GYEN, the Japanese yen-pegged stablecoin issued by GMO-Z.com Trust, and automatically convert customer balances into USD Coin (USDC). The exchange's official announcement sets the timeline: GYEN transfers stop on October 26, and balances still held on the platform are converted to USDC by October 30. The conversion runs at the market price in effect when it processes, and Coinbase charges no separate trading fee for the swap. For holders, the notice ends GYEN's availability on one of its main venues within a week.

The automatic switch moves customers out of a token in liquidation and into USDC, whose price is designed to hold at one dollar. That makes the exchange, not the issuer, the party executing the final step for most balances. Customers who prefer the issuer's own repayment route face a stricter deadline: they must withdraw their tokens before October 26. Anything deposited after that cutoff may be impossible to recover, the notice states. The difference between the two exit paths is the price basis. Coinbase converts at whatever GYEN trades for in the market at that moment, while the issuer's direct redemption fixes the value at one yen per token. In a thin market those two numbers can diverge enough to change the final payout, which is why the crypto exchange drew a hard line for withdrawals instead of letting balances drift past the conversion date. Customers who take no action end up holding our USDC coverage subject's dollar asset in an amount set by the market rate and their remaining balance, with no fee deducted at conversion. Coinbase has not disclosed how much GYEN sits in customer accounts, and it is the issuer's liquidation, not any trading decision, that forces the deadline.

GMO-Z.com Trust Redemption Terms

GMO-Z.com Trust halted new issuance of GYEN and its dollar-based companion ZUSD in May and entered a voluntary liquidation process. GYEN's circulating market capitalization stands near $13 million, a small footprint that still leaves real money stranded if holders miss the windows. Direct redemption is open until November 11. Eligible holders who apply in time receive one yen per GYEN and one dollar per ZUSD, but the issuer requires an approved account, identity verification and a linked bank account, with minimum quantities of 100 GYEN or 1 ZUSD. After November 11, remaining eligible tokens convert into USDC at a rate fixed on November 12, with payment planned by year-end; the issuer cautions that wallet compatibility and regulatory checks could restrict automatic payouts.

The wind-down closes a troubled run. GYEN launched on Coinbase in November 2021 and, shortly after trading began, ran far above its yen target before collapsing; some investors say they bought at as much as seven times normal value and watched the price lose roughly 80% in a single day. Lawsuits followed against both Coinbase and GMO Trust. In May, a United States federal court approved a $6.75 million settlement payable by GMO Trust to eligible investors, though the court made no finding of unlawful conduct and the claims against Coinbase itself remain unresolved. The redemption schedule now in motion is therefore the final step of the issuer's liquidation rather than a routine product retirement.

One Yen Versus Market Price

The load-bearing document here is the exchange's own notice, and it fixes two different prices for the same token. Holders above the 100 GYEN minimum with verified accounts and a linked bank account can still redeem at par through November 11; everyone else takes the market conversion into USDC by October 30. The gap between those figures is the only decision GYEN holders have left. Redemption mechanics are also becoming a competitive issue across issuers: Circle removed excess fees on USDC and EURC redemptions from October 19, its treasury team moved $68 million in USDC across eight entities in a month, and a BIS paper on stablecoin growth examines how rate settings shape the sector. Peg credibility has been tested before, as our report on USDC's 86-cent depeg shows. Once October 30 passes, GYEN no longer trades or sits as a balance on Coinbase in any form.