Coinbase to drop this Japanese yen stablecoin years after its price crash sparked investor lawsuits

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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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Telemac
Telemachttp://cryptoinfo.ch
Passionné de nouvelles technologies, j’explore l’univers de la blockchain et des cryptomonnaies pour partager l’actualité et les innovations du secteur.

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