Coinbase to Convert GYEN Balances to USDC as Stablecoin Phases Out
Coinbase is winding down support for the yen-pegged GYEN stablecoin following its issuer's decision to retire the asset.
Coinbase is winding down support for the yen-pegged GYEN stablecoin following its issuer's decision to retire the asset. USDC (USDC) is trading at ₹95.14 ($0.9994). This is an original Token Times brief based on reporting by NewsBTC, with live market data added, as of Wed, 28 Oct 2026 02:00:02 UTC.
The discontinuation of GYEN affects users holding the stablecoin on Coinbase and highlights the challenges faced by lesser-known stablecoins in maintaining market viability.
- Coinbase is converting GYEN balances to USDC due to the stablecoin's retirement.
- USDC circulating supply remains robust at $71.29B [DeFiLlama].
- The move underscores the volatility and risks associated with smaller stablecoins.
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- Coinbase to Convert GYEN Balances to USDC as Stablecoin Phases Out — this brief
Coinbase has announced that it will discontinue support for the GYEN stablecoin, a yen-pegged digital currency, following the decision by its issuer, GMO-Z.com Trust Company, to retire the asset. The exchange will convert all GYEN balances to 
USDC, the second-largest stablecoin by market capitalization.
The USDC circulating supply currently stands at $71.29 billion, according to DeFiLlama, indicating a stable presence in the market despite recent market fluctuations. This conversion underscores the dominance of major stablecoins like USDC in the ecosystem.
The decision to phase out GYEN highlights the challenges faced by smaller, lesser-known stablecoins in maintaining long-term viability. It also raises questions about the stability and reliability of stablecoins that are not backed by major financial institutions or widely adopted.
In the broader market context, the total crypto market cap remains at $2.77 trillion, with 
Bitcoin showing a modest 24-hour gain of 0.53%. The Fear & Greed Index is at 51, indicating a neutral market sentiment.
The conversion of GYEN to USDC may have minimal immediate impact on the overall market but serves as a reminder of the importance of stablecoin diversification and the potential risks associated with smaller, less-established assets.
Since this brief published about 1 hour ago, USDC (USDC) has moved from ₹95.14$0.9993 to ₹95.14$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 Token Times'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 ≈ ₹103.44 (about $0.9994), up 0.0% over 24 hours. The rupee itself trades about 8.7% above the official rate on the P2P market, so a Indian 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.
Token Times 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 to Convert GYEN Balances to USDC as Stablecoin Phas — questions & answers
Why is Coinbase converting GYEN to USDC?
Coinbase is converting GYEN to USDC because GMO-Z.com Trust Company, the issuer, is retiring the GYEN stablecoin.
What is the current circulating supply of USDC?
The USDC circulating supply is $71.29 billion, as reported by DeFiLlama.
How will this affect GYEN holders on Coinbase?
GYEN holders on Coinbase will have their balances converted to USDC, ensuring they remain in a stablecoin but one with broader market acceptance.
How much is 1 USDC worth in rupee today?
About ₹103.44 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9994. The rupee price moves with both USDC's US-dollar price and the USDT/INR rate; use our USDC in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times 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 Token Times 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.