GMO-Z.com Trust Company, Inc. ("GMO Trust") is conducting an orderly wind-down of its GYEN and ZUSD stablecoin activities (the "Stablecoins") pursuant to Section 605 of the New York Banking Law. The Initial Redemption Period, during which holders may Redeem GYEN and ZUSD with GMO Trust at par value, closes at 23:59:59 Eastern Time on November 11, 2026 (the "Deadline").
This notice reiterates how to redeem your Stablecoins and describes what will happen to Stablecoins that are not Redeemed before the Deadline.
Capitalised terms not otherwise defined in this notice have the meanings ascribed to them in the Terms and Conditions of Use (the "Terms"), the Stablecoin User Terms & Conditions (the "Stablecoin Terms") and the Account Agreement, each available at support.stablecoin.z.com. The Terms and the Stablecoin Terms apply to all persons and entities that obtain, use, hold or transact in the Stablecoins, whether or not they are Account Holders of GMO Trust. An "Account Holder" is a person or entity that has been onboarded by GMO Trust and holds an Account; only Account Holders may Redeem Stablecoins directly with GMO Trust.
REDEEM BEFORE THE DEADLINE, NOVEMBER 11, 2026
Redemption with GMO Trust is processed on a one-for-one basis. One GYEN is redeemable for one Japanese yen, and one ZUSD is redeemable for one U.S. dollar. The fiat currency is transferred to the bank account linked to your Account, with no fees charged by GMO Trust. Account Holder-initiated Redemption remains available until the Deadline. If you have not yet Redeemed, instructions are set out in our published notice: GYEN and ZUSD Wind-down: How to Redeem Before the November 11, 2026 Deadline.
REDEMPTION REQUESTS AND THE DEADLINE
A Redemption will be processed once GMO Trust has both (i) received the Stablecoins from a holder, and (ii) that holder has submitted a Redemption request on the Platform at account.stablecoin.z.com. Stablecoins must be received by GMO Trust, in accordance with the instructions in the Redemption request, before the Deadline.
Where the Stablecoins have been received before the Deadline and a matching Redemption request has been submitted on the Platform, GMO Trust will complete the Redemption and transfer the fiat currency to the bank account linked to your Account. This includes Redemptions where the fiat currency transfer is made after the close of the Initial Redemption Period.
If Redemption requests are submitted on the Platform, but the Stablecoins have not been received from the redeeming holder before the Deadline, the Redemption request will be cancelled. Such Stablecoins would remain in your Wallet and will be subject to the Mandatory Redemption.
Do not transfer Stablecoins to GMO Trust after the Deadline. Stablecoins transferred to GMO Trust after the Deadline will be subject to the Mandatory Redemption. The Mandatory Redemption, as described below, applies to Stablecoins still not Redeemed by the Deadline.
Holders who Redeem all of their GYEN and ZUSD before the Deadline will not be affected by anything else in this notice.
MANDATORY REDEMPTION
Stablecoins not Redeemed by the Deadline will be subject to a mandatory redemption under Section 11 of the Stablecoin Terms (the "Mandatory Redemption").
In a Mandatory Redemption, GMO Trust will transfer consideration in USDC, a U.S. dollar stablecoin issued by Circle Internet Financial, LLC ("USDC"), to the Wallet holding the Stablecoins, on the same Supported Blockchain on which those Stablecoins are held, in an amount having a value equal to the Japanese yen or U.S. dollars for which those Stablecoins are able to be Redeemed. Japanese yen and U.S. dollars are referenced solely to determine the amount payable; payment is made in USDC only. The corresponding GYEN or ZUSD will then be removed from circulation.
The Mandatory Redemption applies only to Stablecoins held on the Supported Blockchains identified in the Stablecoin Terms. GYEN or ZUSD that have been bridged to, or otherwise hold a representation on, an Unsupported Blockchain are not eligible for the Mandatory Redemption, and no USDC will be delivered in respect of them.
How amounts are determined
The value of the Stablecoins in each Wallet is determined as follows.
- ZUSD is valued at 1 ZUSD = 1 U.S. dollar.
- GYEN is valued at 1 GYEN = 1 Japanese yen, converted to U.S. dollars at a USD/JPY exchange rate determined on November 12, 2026 in accordance with Section 11 of the Stablecoin Terms.
The same exchange rate applies to every holder subject to the Mandatory Redemption. It does not vary according to when your Stablecoins are processed or when you receive USDC.
Wallets that will not be processed
Eligibility for the Mandatory Redemption is assessed separately for each Wallet, on the Supported Blockchain on which that Wallet holds the Stablecoins. If you hold Stablecoins in more than one Wallet, or on more than one Supported Blockchain, each holding is assessed independently.
Eligibility is determined on the basis of an anti-money laundering and operational-risk assessment of each Wallet. GMO Trust will not deliver USDC where it cannot successfully perform the screening on a Wallet necessary to comply with applicable law, including sanctions and anti-money laundering requirements, or where a Mandatory Redemption cannot otherwise be effected in respect of that Wallet.
The Mandatory Redemption will also not be processed where the USDC amount attributable to a Wallet is less than the minimum amount of USDC that can be transferred on the relevant Supported Blockchain.
Where a Wallet is not processed, the Stablecoins in that Wallet will be subject to the process and terms described in “After the Mandatory Redemption” below. More generally, the treatment of Stablecoins remaining in circulation is addressed under "After the Mandatory Redemption" below.
Account Holder-initiated Redemption with GMO Trust remains available to all holders until the Deadline, irrespective of the Supported Blockchain on which the Stablecoins are held. Stablecoins Redeemed before the Deadline are not subject to the Mandatory Redemption.
HOLDERS ON STELLAR
Your Stellar account must have an established USDC trustline in order to receive USDC, and this must be set from your account by yourself. GMO Trust cannot establish a trustline on your behalf. Where no USDC trustline exists, USDC cannot be delivered to your account.
Establishing a trustline is a function of the wallet you use rather than something GMO Trust can do for you. For reference, two of the more widely used Stellar wallets publish guidance on adding assets and trustlines:
- LOBSTR: https://lobstr.freshdesk.com/support/solutions/articles/151000001062-managing-stellar-assets-on-lobstr
- Freighter: https://help.freighter.app/article/ikgq5s6hea-stellar-assets-contract-tokens
These links are provided for information purposes only. GMO Trust does not offer, operate, endorse or provide support or custody for any wallet, and GMO Trust’s inclusion of these links is not a recommendation to use the services provided by the owners of such links. If you use a different wallet, please refer to that provider's own guidance.
Please note that establishing a trustline requires a small amount of XLM to remain in your account as a reserve for as long as the trustline is open.
If you expect to hold GYEN or ZUSD on Stellar after the Deadline, please ensure a USDC trustline is established on your account.
WHEN THE MANDATORY REDEMPTION TAKES PLACE
The Mandatory Redemption will be carried out as soon as practicable following the Deadline. Delivery of USDC is expected to be completed by the end of 2026. Removal of the corresponding Stablecoins from circulation will be completed thereafter, and will not be simultaneous across all Supported Blockchains.
GMO Trust will not disclose in advance the date on which the Mandatory Redemption will be executed.
Regardless of when a holder may receive USDC pursuant to the Mandatory Redemption, the amounts of USDC transferred will be determined at one point in time on November 12, 2026 in accordance with the section above on “Mandatory Redemption: How amounts are determined”.
IF THE MANDATORY REDEMPTION CANNOT BE COMPLETED FOR YOUR WALLET
GMO Trust may be unable to deliver USDC to every holder, including due to compliance, regulatory, or technical reasons. Where delivery is not possible, the amount attributable to your Stablecoins, determined on the same basis as set out above, will be retained and subsequently addressed in accordance with applicable law. Any recourse available to holders in respect of those amounts, including the applicable process, the period during which any claim may be made, and the steps required, will be described in a separate notice.
AFTER THE MANDATORY REDEMPTION
Where Stablecoins in your Wallet are redeemed through the Mandatory Redemption, they will not be eligible for redemption thereafter, and any remaining on-chain representation of those Stablecoins carries no entitlement against GMO Trust.
The treatment of Stablecoins remaining in circulation following the Mandatory Redemption will be addressed in a future notice.
Access to the Platform will end following the Deadline. Account Holders wishing to retain records of their transaction history should download the activity report for their Account before that date.
SECURITY
GMO Trust will never ask you to connect a Wallet, sign a transaction, or pay a fee in connection with the Mandatory Redemption. Please be vigilant of anyone asking you to connect your Wallet to a service, or offering to assist you in receiving USDC.
Communications and materials relating to the wind-down are published on GMO Trust’s official communication channels at the following locations:
- stablecoin.z.com (the GMO Trust website)
- account.stablecoin.z.com (the GMO Trust Platform)
- support.stablecoin.z.com (published wind-down notices)
- X, LinkedIn and Medium
- Email from @gmo-trust.com
QUESTIONS