Coinbase Phases Out GYEN Stablecoin Support, Converts Balances to USDC
Coinbase will discontinue support for the yen-pegged GYEN stablecoin as its issuer retires the asset.
Coinbase will discontinue support for the yen-pegged GYEN stablecoin as its issuer retires the asset. USDC (USDC) is trading at $0.9994. This is an original TLT brief based on reporting by NewsBTC, with live market data added, as of Wed, 28 Oct 2026 02:00:04 UTC.
The phase-out of GYEN highlights the ongoing consolidation in the stablecoin market and the challenges faced by non-major stablecoins. It also underscores the dominance of USDC as a preferred alternative for stablecoin conversions.
- Coinbase is winding down support for GYEN stablecoin
- GYEN balances will be automatically converted to USDC
- USDC market cap stands at $71.11B with minimal price movement
- The move reflects broader stablecoin market consolidation
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- GENIUS Act Rules Impact Stablecoin Competition Between USDC and USDT
- Circle Gateway Expands Stablecoin Support with cirBTC and EURC Integration
- Circle Mints $500M USDC on Solana Amid Growing Stablecoin Demand
- Coinbase Phases Out GYEN Stablecoin Support, Converts Balances to USDC — this brief
Coinbase has announced that it will discontinue support for the GYEN stablecoin, a yen-pegged digital currency, as its issuer GMO-Z.com Trust Company retires the asset.
Customers holding GYEN will have their balances automatically converted to 
USDC, the second-largest stablecoin with a market cap of $71.11B, according to DeFiLlama.
This decision comes amidst a broader trend of stablecoin market consolidation, where smaller or less-used stablecoins are being phased out. The move highlights the challenges faced by non-major stablecoins in maintaining market relevance and liquidity.
USDC, issued by Circle and Coinbase, has seen relatively stable performance with its price at $0.999343, showing minimal 24-hour movement at -0.00%. The stablecoin's market cap has remained robust despite recent market fluctuations.
The conversion of GYEN to USDC underscores the dominance of major stablecoins in the market. Users should monitor their accounts for the conversion and consider any potential implications for their portfolios.
Since this brief published about 1 hour ago, USDC (USDC) has moved from $0.9993 to $0.9994 — +0.00%.
The chart plots USDC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDC ≈ ₦1,382.64 (about $0.9994), up 0.0% over 24 hours. The naira itself trades about 2.2% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 28, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Coinbase Phases Out GYEN Stablecoin Support, Converts Balanc — questions & answers
When will the GYEN to USDC conversion happen?
The exact timeline has not been specified, but Coinbase will automatically convert all GYEN balances to USDC.
Why is Coinbase discontinuing GYEN support?
The decision follows the retirement of GYEN by its issuer, GMO-Z.com Trust Company.
What will happen to GYEN holders on Coinbase?
GYEN balances will be converted to USDC at a 1:1 ratio.
How much is 1 USDC worth in naira today?
About ₦1,382.64 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9994. The naira price moves with both USDC's US-dollar price and the USDT/NGN rate; use our USDC in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from NewsBTC. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.