Coinbase Converts GYEN Stablecoin Balances to USDC as Token Winds Down
(3 hours ago) · 1 source · Summarized by CryptoBipto
Coinbase has announced it is converting remaining GYEN stablecoin balances held by users into USDC. The move comes as the Japanese yen-pegged stablecoin winds down its operations.
WHY IT MATTERS
A stablecoin is a cryptocurrency designed to maintain a steady value by being pegged to a traditional currency, like the US dollar or the Japanese yen. GYEN was pegged to the yen, meaning one GYEN was supposed to always be worth one Japanese yen. When a stablecoin winds down, it is similar to a store announcing it will no longer accept a particular gift card — the issuer is essentially closing up shop. Coinbase, one of the largest crypto exchanges, is converting users' GYEN into USDC (a widely used dollar-pegged stablecoin) so that customers do not lose the value they had stored in GYEN. This event illustrates that not all stablecoins last forever, and users should be aware that smaller or less popular tokens may eventually be discontinued.
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- newsbtc.com
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