IMPORTANT NOTICE TO GYEN AND ZUSD HOLDERS
GMO-Z.com Trust Company, Inc. ("GMO Trust") is conducting an orderly wind-down of its GYEN and ZUSD stablecoin activities pursuant to Section 605 of the New York Banking Law. This will result in discontinuance and delisting of both stablecoins. As part of this process, GMO Trust has established an Initial Redemption Period during which all holders of GYEN and ZUSD may redeem their stablecoins at full par value on a 1:1 basis.
REDEEM YOUR STABLECOINS AS SOON AS POSSIBLE. REDEMPTION CLOSES NOVEMBER 11, 2026
The Initial Redemption Period closes on November 11, 2026. We strongly encourage all GYEN and ZUSD holders to redeem their stablecoins directly with GMO Trust before this date.
- 1 GYEN = 1 Japanese Yen (JPY)
- 1 ZUSD = 1 U.S. Dollar (USD)
Stablecoins not Redeemed during the Initial Redemption Period will no longer be redeemable directly through the GMO Trust Platform. The treatment of such Stablecoins is set out in Section 11 of the Stablecoin User Terms & Conditions. Further information will be provided in a separate notice during the Initial Redemption Period.
HOW TO REDEEM
Step 1 — Open an account
Holders who do not already have a GMO Trust account should visit stablecoin.z.com to open an account with GMO Trust. All account applications are subject to our standard Know Your Customer (KYC) identity verification process in accordance with applicable U.S. anti-money laundering requirements. Please allow sufficient time for KYC review before the November 11, 2026 deadline.
Step 2 — Link a bank account
To receive your redemption proceeds, you will need to link an eligible bank account:
- To redeem GYEN: a Japanese yen (JPY) denominated bank account registered as Bank Wire (JPY).
- To redeem ZUSD: a U.S. dollar (USD) denominated bank account registered as Bank Wire (USD).
If you do not hold a JPY-denominated account and wish to redeem GYEN, you may register a non-JPY account as Bank Wire (JPY). GMO Trust will send JPY to your registered account, and the FX conversion to your account currency will be performed by your receiving bank at the exchange rate that bank determines. Any associated FX or wire fees charged by your bank or intermediary banks are your responsibility. Your bank may reject the transfer, and we strongly recommend confirming with your bank in advance that it will accept an incoming JPY wire. Where a transfer is rejected, your bank or an intermediary may return less than the amount GMO Trust sent, and any subsequent remittance to a replacement account will be reduced accordingly. GMO Trust does not charge wire rejection fees. Resolving a rejection takes time — please do not leave this to the final weeks before November 11, 2026.
Step 3 — Submit your redemption request
Once your account is approved and your bank account is linked, submit your redemption request through the platform at stablecoin.z.com. Redemptions are processed at 1:1 par value with no fees charged by GMO Trust. Minimum redemption amounts apply: 100 GYEN, or 1 ZUSD. Holders whose balance is below the applicable minimum cannot submit a direct redemption request. The treatment of such balances is set out in Section 11 of the Stablecoin User Terms & Conditions.
For assistance, please contact our support team at contact@gmo-trust.com.
ALTERNATIVE: SECONDARY MARKET VENUES
For holders who are unable or choose not to redeem directly with GMO Trust, liquidity is currently available on certain third-party venues. Exchanging on a third-party venue is not a redemption with GMO Trust and does not deliver par value.
Liquidity is currently available as follows:
- Uniswap on Ethereum: GYEN/USDC and ZUSD/USDC
- Uniswap on Arbitrum: GYEN/USDC
- Stellar decentralized exchange: GYEN/USDC and ZUSD/USDC
Account Holders may also use the Swap function on the GMO Trust Platform to move GYEN or ZUSD to a Supported Blockchain on which liquidity is available.
GMO Trust does not guarantee that liquidity on any third-party venue will remain available, or available at any particular price. Liquidity on these venues may change or be withdrawn at any time.
HOW TO EXCHANGE GYEN OR ZUSD ON UNISWAP (ETHEREUM AND ARBITRUM)
Before you begin. You will need your GYEN or ZUSD held in a self-custody wallet on Ethereum or Arbitrum, and a balance of ETH in that wallet to meet network transaction fees on the chain you are using. GMO Trust does not provide wallets. The token you are exchanging and the token you are receiving must be on the same chain — GYEN or ZUSD held on Ethereum can only be exchanged for USDC on Ethereum, and the same applies on Arbitrum. You will also need to verify that the token contract addresses shown in the Uniswap interface match the official addresses set out below, for both the token you are exchanging and the token you are receiving.
Step 1 — Go to the Uniswap interface
Visit https://app.uniswap.org/swap and connect your wallet.
Step 2 — Select GYEN or ZUSD as the token to exchange, and enter the amount of GYEN or ZUSD you wish to exchange.
Before proceeding, confirm that the token contract address shown in the Uniswap interface matches the official GYEN or ZUSD contract address, issued by GMO Trust:
Ethereum:
GYEN: 0xC08512927D12348F6620a698105e1BAac6EcD911
View on Etherscan: https://etherscan.io/token/0xC08512927D12348F6620a698105e1BAac6EcD911
ZUSD: 0xc56c2b7e71B54d38Aab6d52E94a04Cbfa8F604fA
View on Etherscan: https://etherscan.io/token/0xc56c2b7e71B54d38Aab6d52E94a04Cbfa8F604fA
Arbitrum:
GYEN: 0x589d35656641d6aB57A545F08cf473eCD9B6D5F7
View on Arbiscan: https://arbiscan.io/token/0x589d35656641d6aB57A545F08cf473eCD9B6D5F7
Tokens displaying the same name or symbol but a different contract address are not GYEN or ZUSD issued by GMO Trust.
Step 3 — Select USDC (USD Coin) as the token to receive
Ensure the token contract address matches the official USDC contract address.
Ethereum:
USDC: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
View on Etherscan: https://etherscan.io/token/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Arbitrum:
USDC: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
View on Arbiscan: https://arbiscan.io/token/0xaf88d065e77c8cc2239327c5edb3a432268e5831
USDC is issued by Circle. Tokens displaying the same name or symbol but a different contract address may not be USDC issued by Circle and you should exercise caution when navigating Uniswap for token impersonation attempts.
Step 4 — Review before confirming
Check the quoted exchange rate and the price impact shown for your transaction. The amount of USDC you receive may be less than the par value of the GYEN or ZUSD you are exchanging. If you are content to proceed, confirm the transaction in your wallet.
HOW TO EXCHANGE GYEN OR ZUSD ON THE STELLAR DECENTRALIZED EXCHANGE
Before you begin. You will need your GYEN or ZUSD held in a Stellar account for which you control the secret key, and a balance of XLM in that account to meet Stellar network transaction fees and the minimum account reserve. GMO Trust does not provide wallets.
Stellar differs from Ethereum and Arbitrum in one respect that affects you directly. A Stellar account cannot receive an asset unless it has first established a trustline to that asset. You will therefore need to add a trustline to USDC before you can receive any USDC, and each trustline locks a small additional amount of XLM in your account for as long as it remains open.
Step 1 — Confirm the asset issuer
On Stellar, an asset is identified by its asset code together with the account that issued it. Confirm that the assets in your wallet match the official GMO Trust issuing account:
GYEN: asset code GYEN, issuer GDF6VOEGRWLOZ64PQQGKD2IYWA22RLT37GJKS2EJXZHT2VLAGWLC5TOB
View on StellarExpert: https://stellar.expert/explorer/public/asset/GYEN-GDF6VOEGRWLOZ64PQQGKD2IYWA22RLT37GJKS2EJXZHT2VLAGWLC5TOB-1
ZUSD: asset code ZUSD, issuer GDF6VOEGRWLOZ64PQQGKD2IYWA22RLT37GJKS2EJXZHT2VLAGWLC5TOB
View on StellarExpert: https://stellar.expert/explorer/public/asset/ZUSD-GDF6VOEGRWLOZ64PQQGKD2IYWA22RLT37GJKS2EJXZHT2VLAGWLC5TOB-1
Assets displaying the same code but a different issuing account are not GYEN or ZUSD issued by GMO Trust.
Step 2 — Add a USDC trustline
In your wallet, add a trustline to USDC issued by Circle:
USDC: asset code USDC, issuer GA5ZSEJYB37JRC5AVCIA5MOP4RHTM335X2KGX3IHOJAPP5RE34K4KZVN
View on StellarExpert: https://stellar.expert/explorer/public/asset/USDC-GA5ZSEJYB37JRC5AVCIA5MOP4RHTM335X2KGX3IHOJAPP5RE34K4KZVN
Confirm the issuing account before adding the trustline. Assets displaying the same code but a different issuing account may not be USDC issued by Circle. Circle publishes the official Stellar address at https://www.circle.com/multi-chain-usdc/stellar.
Step 3 — Exchange GYEN or ZUSD for USDC
Using a wallet or interface that supports the Stellar decentralized exchange, select GYEN or ZUSD as the asset to sell and USDC as the asset to receive, and enter the amount you wish to exchange. Both GYEN and ZUSD are quoted directly against USDC.
Note that interfaces differ in how they display prices. Depending on the interface, a price may be shown as the amount of USDC per GYEN or ZUSD, or as the amount of GYEN or ZUSD per USDC. Check which way round the price is expressed before confirming.
Step 4 — Review before confirming
Check the quoted exchange rate and the amount you will receive before confirming. The amount of USDC you receive may be less than the par value of the GYEN or ZUSD you are exchanging. Larger amounts require more liquidity to complete, and the price available may move against you as the amount increases; there may be insufficient liquidity to complete your exchange at any price.
Order books on the Stellar decentralized exchange may contain offers at prices far removed from the market, and the presence of an order is not an indication of the price you will receive. Confirm that the asset you are receiving is USDC issued by the account shown at Step 2, and not a different asset displaying a similar code. GMO Trust does not provide liquidity on the Stellar decentralized exchange and does not control the prices or routes available on it.
⚠️ IMPORTANT DISCLAIMER — THIRD-PARTY PLATFORM
GMO Trust is not the owner, operator, or sponsor of the Uniswap liquidity pools, the Stellar decentralized exchange, or any other third-party trading venue. The following important limitations apply:
- GMO Trust has no control over, and makes no representations regarding, the availability, liquidity, pricing, or operation, or safety and security of any third-party trading platform, including Uniswap and the Stellar decentralized exchange.
- Choosing to exchange tokens through Uniswap, the Stellar decentralized exchange or any other decentralized exchange involves significant risks entirely outside of GMO Trust’s control, and GMO Trust does not endorse, and holds no responsibility or liability whatsoever for any third-party liquidity or transactions. GMO Trust does not solicit, endorse, or guarantee any transactions executed externally.
By electing to proceed with Uniswap or the Stellar decentralized exchange, you explicitly acknowledge, accept, and assume all associated risks, including without limitation:
- Severe Price Slippage: venues with low liquidity can cause extreme price execution variations.
- Smart Contract Failure: vulnerabilities, bugs, or exploits within external protocol code.
- Permanent Loss of Funds: decentralized transactions are irreversible; our support team cannot recover or refund assets lost on third-party protocols.
- Total Assumption of Risk: you accept all risks of trading on third-party decentralized networks, including, without limitation, severe price slippage, smart contract vulnerabilities, and the permanent loss of all transacted funds.
- Absolute Limitation of Liability: GMO Trust holds no responsibility or liability for any financial losses, transaction failures, or adverse consequences resulting from your choice to use Uniswap or the Stellar decentralized exchange.
- Waiver of Claims: you hereby waive, release, and discharge GMO Trust and its affiliates from any and all claims, demands, or causes of action arising directly or indirectly from your interaction with any third-party protocol.
- GMO Trust is not responsible for any losses, errors, failed transactions, or other adverse outcomes arising from trading activities on any third-party platform not operated by GMO Trust.
- GMO Trust does not guarantee that liquidity on any third-party venue will remain available, or available at any particular price, during the Initial Redemption Period or at any other time.
- Users interacting with decentralized protocols do so at their own risk and are solely responsible for verifying contract addresses and asset issuers, understanding the applicable protocol mechanics, and managing their own private keys and wallet security.
- Any trading activity on a third-party platform is subject to the terms and conditions of that platform, not those of GMO Trust.
- GMO Trust strongly recommends that holders who are considering using a third-party platform seek independent financial and technical advice before doing so. Further information regarding the risks of trading on secondary markets is outlined in the Stablecoin User Terms and Conditions.
GMO Trust makes no recommendation regarding the use of any third-party platform and expressly disclaims all liability in connection with any such use.
IMPORTANT DATES
- Initial Redemption Period closes: November 11, 2026
- Account opening and KYC: Begin as early as possible — do not wait until close to the deadline.
- Post-deadline: The treatment of unredeemed balances is set out in Section 11 of the Stablecoin User Terms & Conditions. Further information will be provided in a separate notice during the Initial Redemption Period.
Note: The redemption process and end date may be contingent on the requirements of New York Banking Law §605 or other applicable law.
QUESTIONS?