GMO-Z

GMO-Z.com Trust Company was a New York-based, NYDFS-regulated stablecoin issuer and subsidiary of GMO Internet Group that introduced the world's first regulated Japanese yen stablecoin to multiple blockchains, including Solana. The company commenced voluntary dissolution in May 2026 and is in an orderly wind-down, with the final redemption window closing on November 11, 2026.

Background and Parent Company

GMO-Z.com Trust Company was incorporated in December 2020 as a wholly owned subsidiary of GMO Internet Group, Inc., a Tokyo Stock Exchange-listed conglomerate founded in 1991 with over 110 subsidiaries spanning internet infrastructure, e-commerce, payments, and financial services. The Trust Company held a Limited Purpose Trust Charter issued by the New York State Department of Financial Services (NYDFS), making it one of the few stablecoin issuers operating under direct New York state banking supervision.

Products: GYEN and ZUSD

The company issued two regulated stablecoins:

GYEN — marketed as the world's first regulated Japanese yen stablecoin. Each GYEN token was backed 1:1 by Japanese yen held in reserves, giving holders a compliant, audited on-chain representation of JPY. GYEN was notable for its regulatory standing at a time when yen-pegged stablecoins were rare on public blockchains. Due to Japanese domestic regulatory restrictions, GYEN was not offered to Japanese residents.

ZUSD — a U.S. dollar stablecoin backed 1:1 by USD-denominated reserves held in insured financial institutions, government money-market funds, and Treasury bills. ZUSD served as a fiat on-ramp and settlement asset within the GMO Trust ecosystem.

Both tokens shared the same reserve, compliance, and attestation infrastructure. Independent accounting firms published monthly third-party attestations of reserve adequacy. Smart contracts underwent audits by specialized security firms, and the company held ISO 27001 certification for its information security management practices.

Solana Integration

GMO-Z.com Trust Company expanded GYEN and ZUSD to Solana in early 2024. The company announced the deployment on January 23, 2024, with trading on the GMO Trust platform going live on February 14, 2024. CEO Ken Nakamura described it as "an important milestone in our multi-chain development."

The Solana deployment added a third blockchain to an existing multi-chain strategy that included Ethereum and Stellar. The Solana versions were promoted for their low transaction costs (consistently below $0.0025 per transaction) and near-instant settlement. Users could convert between the Ethereum, Stellar, and Solana versions of each token through the GMO Trust platform's swap function at no additional fee.

Solana contract addresses:

• GYEN: Crn4x1Y2HUKko7ox2EZMT6N2t2ZyH7eKtwkBGVnhEq1g
• ZUSD: FrBfWJ4qE5sCzKm3k3JaAtqZcXUh4LvJygDeketsrsH4

Platform and Access Model

The GMO Trust platform was a KYC-gated venue. Users were required to create an account and complete identity verification before purchasing, redeeming, or swapping tokens. The company charged no fees for purchasing or swapping stablecoins, relying instead on interest earned on reserves.

The tokens reached a broader market through a network of integrated trading venues, custody providers, and settlement partners. Exchange integrations included Bitstamp, Uniswap, Curve.fi, and SushiSwap, among others. Custody support was provided by Anchorage Digital, Copper, Fireblocks, and BitGo. Settlement network partners included ZERO Hash, BitGo, and Fireblocks.

Wind-Down

On May 15, 2026, GMO-Z.com Trust Company commenced voluntary dissolution under New York Banking Law §605 and announced an orderly wind-down of GYEN and ZUSD stablecoin issuance. The parent company, GMO Internet Group, disclosed a ¥2.2 billion accounting loss related to the liquidation of the subsidiary.

Following the wind-down announcement, the purchase (mint) function was removed from the GMO Trust platform. New issuance of GYEN and ZUSD ceased entirely. Redemption of existing holdings at par value remained available to account holders in good standing through a 180-day Initial Redemption Period running from May 15 to November 11, 2026. Cross-chain swap functionality also remained active during this period.

Coinbase, which had previously suspended GYEN trading in May 2025, announced plans to convert any remaining GYEN balances on its platform to USDC by October 30, 2026. After the conclusion of the redemption period and related wind-down activities, the GMO Trust platform will close permanently.

Significance and Legacy

GYEN represented a meaningful experiment in regulated, fiat-backed stablecoins for non-USD currencies. Its multi-chain deployment, including to Solana, demonstrated institutional appetite for bringing bank-regulated stablecoins to high-throughput blockchain networks. The project's wind-down reflects the challenges faced by niche-currency stablecoins in achieving sufficient adoption to sustain operations, even when issued under rigorous regulatory frameworks.