Coinbase is removing support for GYEN, a stablecoin pegged to the Japanese yen, and will automatically convert any remaining GYEN balances on the platform into USD Coin (USDC) at market rates beginning October 26, 2026. The exchange said customers who hold GEN do not need to take any action for the swap to occur.

October 26 Deadline for GYEN Transfers

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 the token through the exchange. GYEN is issued by GMO Trust and is designed to track the value of the Japanese yen.

Stablecoins are cryptocurrencies built to hold a steady value by pegging themselves to a real-world currency — in GYEN's case, the Japanese yen. Unlike volatile assets such as Bitcoin or Ethereum, stablecoins are not intended to fluctuate in price. GYEN is one of the few yen-backed stablecoins available on major U.S. exchanges.

According to reporting by CryptoSlate, the delisting comes years after GYEN experienced a sharp 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.

How the Conversion to USDC Will Work

Once the October 26 deadline passes, Coinbase will automatically swap any GYEN balances still held on the platform into USDC at market rates. USDC, or USD Coin, is a stablecoin pegged to the U.S. dollar and issued by Circle, and is one of the most widely used stablecoins in the world. It is supported across a broad range of payment networks, including by Visa for cross-border transactions.

Because the conversion is executed at market rates, the GYEN-to-USDC exchange rate at the moment of conversion will determine how much USDC each user receives. Since both assets are stablecoins, the rate is expected to closely reflect the prevailing yen-to-dollar exchange rate at that moment.

Coinbase has not announced an opt-out option. Users who wish to remain in a yen-denominated asset can withdraw their GYEN to an external wallet or convert it manually through the platform while transfers are still active.

What GYEN Holders on Coinbase Should Know

Customers who hold GYEN on Coinbase and take no action before October 26 will have their balances converted to USDC automatically. Their funds will not be lost, but they will no longer hold a yen-pegged asset once the conversion is complete.

That change carries weight for users who specifically sought yen exposure. USDC tracks the U.S. dollar, not the Japanese yen, meaning converted holders would not benefit if the yen strengthens against the dollar afterward. Users who want to keep their GYEN elsewhere have until October 26 to transfer it off Coinbase; after the 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 across markets. Stablecoins backed by non-dollar currencies face additional scrutiny in the United States, where regulators have focused heavily on dollar-pegged assets — the category that accounts for the overwhelming majority of stablecoins in circulation. The New York Department of Financial Services has published specific stablecoin guidance outlining capital, reserve, and redemption requirements for issuers operating in the state.

For most casual holders, the practical takeaway is straightforward: those comfortable holding USDC instead of GYEN do not need to do anything. Users who want to stay in GYEN or move to a different asset should 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.