Coinbase Halts GYEN Transfers, Plans USDC Balance Conversion

Coinbase will halt transfers of the yen-pegged stablecoin GYEN on Oct. 26 and plans to convert remaining customer balances into USDC at market rates, according to a Coinbase support notice. The exchange has not publicly disclosed the exact conversion start date, but the Oct. 26 transfer cutoff gives holders a firm deadline to act.

GYEN Transfers Cut Off Oct. 26

GYEN is a Japanese yen stablecoin listed on Coinbase. Starting Oct. 26, the exchange will no longer process GYEN transfers, effectively freezing the token’s movement on the platform. Per CryptoSlate, Coinbase’s decision to drop GYEN comes years after a significant price crash in the token sparked investor lawsuits against the exchange. For related coverage, see 贝莱德ETF钱包转入Coinbase 3215枚BTC与3.89万枚ETH｜链上侦探.

The transfer halt applies regardless of balance size. Users who want to move GYEN off Coinbase before the conversion must do so before that date. For related coverage, see Irish Drug Dealer-Linked Wallet Moves 500 BTC to Coinbase.

Balances Convert to USDC at Market Rates

After the transfer cutoff, Coinbase will automatically convert GYEN balances to USD Coin (USDC), the dollar-pegged stablecoin, at prevailing market rates. Coinbase has not specified fees, a guaranteed rate floor, or the precise conversion start date, as that portion of the announcement was truncated in available materials. For related coverage, see SEC Approves Cboe Binary Options Rules for Coinbase and MARA Metrics.

The “market rates” language means the conversion value will reflect GYEN’s price at the time Coinbase executes the swap, not a fixed 1:1 yen peg or any guaranteed amount. Users concerned about slippage or rate uncertainty should withdraw or sell GYEN before Oct. 26.

What GYEN Holders Should Review Before Oct. 26

Holders should check their Coinbase account for any official notification emails detailing the exact conversion schedule and applicable terms. The New York DFS stablecoin guidance requires regulated stablecoins to maintain clear redemption policies, which means Coinbase’s final conversion terms should be disclosed in advance.

Users who want to avoid the automatic conversion entirely have two options before the Oct. 26 deadline: withdraw GYEN to an external wallet, or sell GYEN on Coinbase while trading remains active. After the deadline, the exchange will control the conversion timing and rate. Coinbase has separately faced regulatory scrutiny in other jurisdictions that has affected platform access, underscoring the importance of acting on official notices promptly.

GYEN holders should confirm whether Coinbase’s official communication specifies any window to opt out of the automatic USDC conversion, as that detail has not been confirmed in available sources.

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.