GYEN stablecoin wind-down begins, Coinbase converts holdings to USDC
USDC (USDC)
Editor:
Eugene Serbin
cryptobriefing.com reports that GMO-Z.com Trust Company has initiated an orderly wind-down of its GYEN stablecoin operations. The New York-regulated issuer disabled new purchases of both GYEN and its US dollar-pegged counterpart ZUSD on May 15, 2026. Coinbase plans to convert any remaining GYEN holdings on its platform to USDC by October 30, 2026.
The company established a 180-day Initial Redemption Period ending November 11, 2026, allowing eligible holders to redeem tokens at par value without platform fees. Redemptions require meeting KYC and account requirements through the GMO Trust platform. Unclaimed tokens enter a mandatory process governed by the Stablecoin User Terms and Conditions after the window closes.
Third-party options like Uniswap pools on Ethereum and Arbitrum allow swaps into USDC, though these are secondary market trades without par value guarantees. GYEN and ZUSD were issued across Ethereum, Solana, and Stellar with reserves in FDIC-insured institutions. GMO Trust was established in 2020 as a subsidiary of Japan’s GMO Internet Group to create the first regulated yen-pegged stablecoin.
Coinbase Pro listed GYEN in November 2021 but suspended trading around May 2025 due to volatility. Holders must redeem through GMO Trust before November 11, 2026, or accept the Coinbase conversion by October 30.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 11 September 2026. Not the outlet's figures.
USDC trades at $1.00 with a 1-hour buy ratio of 49.0% and a 4-hour ratio of 51.6%, compared to a 24-hour ratio of 48.6%. The 1-hour volume delta is negative at -$2,980,702, while the 4-hour delta shows positive inflows of +$23,473,886. Over 24 hours, the volume delta is -$96,172,147, indicating net selling pressure over the full day. The buy ratio measures the proportion of trades executed by buyers versus sellers, showing slight buying dominance in the shorter 4-hour window. Volume delta represents the net value of trades, where negative values indicate more money flowing out than in. Short-term buying pressure appears to be building relative to the longer 24-hour trend, though the daily net flow remains negative.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
The 7-day average buy ratio is 49.7%, with the latest day showing a 1.2 percentage point decrease from that average. Volume is 1.14 times the average, indicating heightened activity compared to the preceding week. Net buying occurred on 3 of the past 7 days, with a total 8-day volume delta of -$202,459,625. This suggests a slightly unusual day due to elevated volume, though the buy ratio remains close to the weekly norm. The coin has seen no price change over the past 8 days, maintaining stability despite the volume spike.