GMO-Z.com Trust Company, Inc. (“GMO Trust”) confirms that the Initial Redemption Period for GYEN and ZUSD (the “Stablecoins”) closed at 23:59:59 Eastern Time on November 11, 2026 (the “Deadline”). Direct Redemption of GYEN and ZUSD with GMO Trust is no longer available, and access to the GMO Trust Platform has ended.
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.
MANDATORY REDEMPTION
GYEN and ZUSD not Redeemed before the Deadline are now subject to the Mandatory Redemption under Section 11 of the Stablecoin Terms. Consideration will be paid in USDC to the Wallet holding the Stablecoins, as set out in Mandatory Redemption: What Happens to GYEN and ZUSD Not Redeemed by November 11, 2026. Delivery is expected to be completed by the end of 2026. GMO Trust does not disclose the execution date in advance.
THE RATES APPLIED
The amount of USDC payable in respect of each Wallet has been determined as of November 12, 2026, in accordance with Section 11 of the Stablecoin User Terms & Conditions. ZUSD is valued at 1 ZUSD = 1 USDC. GYEN is valued at 1 GYEN = 1 Japanese yen, converted to U.S. dollars at a USD/JPY rate determined on that date. The same rate applies to every Wallet subject to the Mandatory Redemption and does not vary according to when USDC is delivered. The rate applied will be confirmed in the completion notice.
REDEMPTION REQUESTS SUBMITTED BEFORE THE DEADLINE
Where an Account Holder’s Stablecoins were received by GMO Trust before the Deadline with a matching Redemption request, the Redemption is being completed and the fiat currency will be transferred to the bank account linked to the Account in the coming days. Account Holders who have not received the payment within ten business days of the confirmation that it was processed should contact GMO Trust at contact@gmo-trust.com. If a payment is returned by the receiving bank, GMO Trust will contact the Account Holder to arrange for it to be resent.
Where a Redemption request was submitted but the Stablecoins were not received before the Deadline, the request has been cancelled. Those Stablecoins remain in the holder’s Wallet and are subject to the Mandatory Redemption.
Do not transfer Stablecoins to GMO Trust. Stablecoins transferred to GMO Trust after the Deadline will not be Redeemed.
HOLDERS ON STELLAR: ACT NOW
A Stellar account can only receive USDC if it has an established USDC trustline, which must be set from the holder’s own account. GMO Trust cannot establish a trustline on a holder’s behalf. Eligibility for delivery on Stellar will be assessed in the weeks following the Deadline, and a trustline established after that assessment will not be taken into account. Holders of GYEN or ZUSD on Stellar should establish a USDC trustline immediately.
WALLETS TO WHICH USDC CANNOT BE DELIVERED
Where USDC cannot be delivered to a Wallet, for compliance, regulatory or technical reasons, the amount attributable to the Stablecoins in that Wallet, determined at the rates above, will be retained and subsequently addressed in accordance with applicable law. A further notice will describe the recourse available to holders, including the process and the steps required.
ACCOUNTS AND APPLICATIONS
Accounts remain open but are restricted. Access to the Platform has ended, and no further Purchase, Redemption or Swap requests can be submitted. Records relating to Accounts are retained in accordance with applicable legal and regulatory requirements and the Privacy Policy; activity reports are no longer available from the Platform. Account Holders wishing to review or update the personal information GMO Trust holds about them should contact privacy@gmo-trust.com. GMO Trust will notify Account Holders before Accounts are closed.
Applications for an Account that had not been approved by the Deadline will not be progressed, as the service for which an Account was required is no longer available. Information provided with an application is retained in accordance with the Privacy Policy.
WHAT HAPPENS NEXT
GMO Trust will publish a further notice confirming completion of the Mandatory Redemption and setting out the treatment of any remaining balances.
GMO Trust has updated its Stablecoin User Terms and Conditions, effective November 11, 2026. The principal change is a new provision on the remittance of remaining reserves or other consideration following the Initial Redemption Period and the Mandatory Redemption (Section 11.4), under which such amounts may be remitted to the State of New York, an agency or instrumentality thereof, or a successor custodian to hold, administer and process claims, together with conforming amendments to Section 11.2. The updated terms are available at Stablecoin User Terms and Conditions.
SECURITY
USDC under the Mandatory Redemption is delivered to your Wallet automatically. There is no claim site, no form to complete and no fee to pay to receive it. Any process for holders to whom USDC cannot be delivered will be announced only through the official channels listed below. GMO Trust will never contact you to ask you to connect your Wallet, sign a transaction, or pay a fee in connection with the Mandatory Redemption.
Communications and materials relating to the wind-down are published only on GMO Trust’s official communication channels:
- 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
This notice will remain available on the GMO Trust website.
QUESTIONS
Contact Form | contact@gmo-trust.com