Coinbase will automatically convert GYEN balances into USDC from October 26 to 30 at prevailing market rates without fees as the Japanese yen-backed stablecoin nears its final shutdown, with a market capitalization of about $13 million. Customers can withdraw their tokens before October 26 to redeem them directly through GMO Trust by November 11 for one Japanese yen per GYEN. An approximately 80% one-day price collapse, following purchases at up to seven times its intended value, triggered investor lawsuits against Coinbase and GMO Trust. A $6.75 million settlement for eligible investors in the case against GMO Trust was approved in May 2026 without a finding of wrongdoing, while the claims against Coinbase remain separate.
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