Coinbase is removing support for GYEN, a stablecoin pegged to the Japanese yen, and will automatically convert any remaining GYEN balances to USD Coin (USDC) at market rates starting October
Coinbase is removing support for GYEN, a stablecoin pegged to the Japanese yen, and will automatically convert any remaining GYEN balances to USD Coin (USDC) at market rates starting October 26, 2026. If you hold GYEN on Coinbase, your funds will be swapped into USDC without any action needed on your part.
Coinbase announced it will stop supporting transfers of GYEN on October 26, 2026. After that date, users will no longer be able to send or receive GYEN through the exchange. The stablecoin, issued by GMO Trust, is designed to track the value of the Japanese yen. For related coverage, see 贝莱德ETF钱包转入Coinbase：3215枚BTC与3.89万枚ETH解析.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by being pegged to a real-world currency, in this case the Japanese yen. Unlike Bitcoin or Ethereum, stablecoins are not meant to fluctuate in price. GYEN is one of the few yen-backed stablecoins available on major U.S. exchanges. For related coverage, see Binance and Coinbase Join West Africa Scam Crackdown.
According to reporting by CryptoSlate, the delisting comes years after GYEN experienced a significant price crash that led to investor lawsuits against Coinbase. The token briefly lost its peg to the yen after being listed on the exchange in 2021, causing losses for some users. For related coverage, see Future Leaders Awards & Conference 2026 to Bring Global Business and Technology Leaders to Singapore on 2–3 November.
After October 26, Coinbase will automatically swap any GYEN balances held on the platform into USDC at market rates. USDC, or USD Coin, is a stablecoin pegged to the U.S. dollar and is one of the most widely used stablecoins in the world. It is widely supported across payment networks, including by Visa for cross-border transactions.
The conversion will happen at market rates, meaning the exchange rate between GYEN and USDC at the time of conversion will determine how much USDC you receive. Since both are stablecoins, the rate will closely reflect the yen-to-dollar exchange rate at that moment.
Coinbase has not announced an opt-out option. Users who want to keep their funds in a yen-denominated asset before October 26 should withdraw their GYEN or convert it manually through the platform while transfers are still active.
If you hold GYEN on Coinbase and take no action before October 26, your balance will be converted to USDC automatically. You will not lose your funds, but you will no longer hold a yen-pegged asset after the conversion.
For users who specifically wanted yen exposure, this is a meaningful change. USDC tracks the U.S. dollar, not the Japanese yen. If the yen strengthens against the dollar after the conversion, holding USDC means you would not benefit from that move.
Users who want to keep their GYEN elsewhere have until October 26 to transfer it off Coinbase. After that deadline, transfers will be halted and the automatic USDC conversion will apply to any remaining balance.
Coinbase's removal of GYEN is part of a broader pattern of the exchange navigating regulatory and product pressures in various markets. Stablecoins backed by non-dollar currencies face additional scrutiny in the United States, where regulators have focused heavily on dollar-pegged assets. The New York Department of Financial Services has published specific stablecoin guidance that outlines capital, reserve, and redemption requirements for issuers operating in the state.
For most casual holders, the practical takeaway is straightforward: if you own GYEN on Coinbase and are comfortable holding USDC instead, you do not need to do anything. If you want to stay in GYEN or move to a different asset, act before the October 26 deadline.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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