GMO-Z.com Trust Company winds down GYEN stablecoin, Coinbase to convert holdings to USDC

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. B...