Photo: Rafael Minguet Delgado / Pexels
GMO-Z.com Trust Company winds down GYEN stablecoin, Coinbase to convert holdings to USDC
The first regulated Japanese yen-pegged stablecoin is shutting down, giving holders until November to redeem at par value before the lights go off.
GMO-Z.com Trust Company, the New York-regulated issuer behind GYEN, has begun an orderly wind-down of its stablecoin operations. The company initiated the process on May 15, 2026, disabling new purchases of both GYEN, its Japanese yen-pegged token, and ZUSD, its US dollar-pegged counterpart.
Coinbase, which had already suspended GYEN trading around May 2025, plans to convert any remaining GYEN holdings on its platform to USDC by October 30, 2026.
What the wind-down looks like
GMO Trust has established a 180-day Initial Redemption Period running through November 11, 2026. During that window, eligible holders can redeem their tokens at par value: 1 GYEN for 1 JPY, and 1 ZUSD for 1 USD, with no platform fees.
The catch is that redemptions happen through the GMO Trust platform, and holders need to meet the company’s KYC and account requirements to participate. After the redemption window closes, any unclaimed tokens enter a mandatory process governed by the company’s Stablecoin User Terms and Conditions.
For holders who want to exit through other channels, third-party options exist. Uniswap pools on Ethereum and Arbitrum, along with Stellar DEX options, offer paths to swap into USDC. But those are secondary market trades, meaning there’s no guarantee you’ll get par value.
The news moving money, markets, and the world—before your day starts.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
GYEN and ZUSD were issued across multiple blockchain platforms including Ethereum, Solana, and Stellar. Reserves backing these tokens were held in FDIC-insured institutions and US Treasuries, in compliance with New York State Department of Financial Services guidelines.
A brief, turbulent history
GMO Trust was established in 2020 as a subsidiary of Japan’s GMO Internet Group, with a specific ambition: creating the first regulated yen-pegged stablecoin.
GYEN landed on Coinbase Pro in November 2021, which should have been its breakout moment. Instead, the token experienced significant trading volatility shortly after listing. Coinbase eventually suspended and delisted GYEN trading around May 2025, roughly a year before the formal wind-down announcement.
What this means for stablecoin holders
For GYEN holders, the immediate priority is mechanical. Redeem through GMO Trust’s platform before November 11, 2026, or accept the Coinbase-to-USDC conversion by October 30 if that’s where your tokens sit.