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

Coinbase will automatically convert customers' remaining GYEN holdings into USDC next week, ahead of the stablecoin issuer's final redemption deadline. The crypto exchange said in an Oct. 20 notice that it will disable GYEN transfers on Oct. 26 and convert outstanding balances between Oct. 26 and Oct. 30 at prevailing market rates without transaction fees. The decision comes as GMO-Z.com Trust Company winds down the Japanese yen-backed stablecoin, which has a market capitalization of approximately $13 million. Customers seeking to avoid Coinbase's conversion must withdraw their tokens before Oct. 26. The shutdown marks the final chapter for a stablecoin whose troubled trading history triggered investor lawsuits and eventually resulted in a $6.75 million settlement earlier this year.

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