GYEN Stablecoin Shuts Down Amid Volatility and Delisting Issues

The GYEN stablecoin, pegged to the Japanese yen, is shutting down after facing volatility and delisting issues since its launch in 2021. GMO-Z.com Trust Company, the issuer of GYEN, has announced a redemption period that will end on November 11, 2026. During this time, holders can redeem their tokens at par value through the company's platform after meeting Know Your Customer (KYC) requirements.

Coinbase, which suspended trading in GYEN in May 2025, will convert remaining holdings to USDC by October 30, 2026. This marks the end of the first regulated yen-pegged stablecoin, which struggled with stability and was eventually delisted from Coinbase Pro.