Coinbase Global Inc. was sued over its role in the promotion and trading of a stablecoin that allegedly was “anything but.” The digital asset trading platform and the issuer of the GYEN token were accused of misleading investors about its stability, leading to millions of dollars in losses, according to a proposed class-action complaint filed Thursday in federal court in northern California. “Investors placed orders believing the coin’s value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up to seven times more than the yen,” according to the complaint. “Just as suddenly, the GYEN’s value plunged back to the peg -- falling 80 percent in one day.” Coinbase then froze trading of the coin, which “compounded the harm by restricting many customers’ ability to sell the asset,” the investors alleged. As a result, purchasers of GYEN “collectively lost untold millions in a matter of hours,” they claimed. Edit: Stay away from stablecoins unless you are a horse. To say that these cryptos are backed by hard assets such as fiat currencies is a joke in itself. Nearly all fiat currencies have lost at least 97% of their original purchasing power, and they could lose the other 3% very quickly in a WTSHTF scenario. Stable coins will be stable at 0 as will the fiat currencies that underpin them.