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      GMO-Z.com Trust Company to Wind Down GYEN Stablecoin, Coinbase to Convert Holdings to USDC

      GMO-Z.com Trust Company, regulated in New York, has initiated the wind-down of its GYEN stablecoin, which is pegged to the Japanese yen. The process began on May 15, 2026, with the company disabling new purchases of GYEN and its US dollar-pegged counterpart, ZUSD. Holders of GYEN have until November 11, 2026, to redeem their tokens at par value, with the option to convert 1 GYEN for 1 Japanese yen and 1 ZUSD for 1 US dollar without incurring platform fees.

      Coinbase, which had previously suspended trading of GYEN in May 2025, plans to convert any remaining GYEN holdings on its platform to USD Coin (USDC) by October 30, 2026. The redemption process requires holders to comply with GMO Trust's Know Your Customer (KYC) and account requirements, as redemptions will only occur through the company's platform. After the redemption window closes, unclaimed tokens will enter a mandatory process as outlined in the company's Stablecoin User Terms and Conditions.

      GMO Trust, a subsidiary of Japan's GMO Internet Group, was established in 2020 with the goal of creating the first regulated yen-pegged stablecoin. GYEN was launched on Coinbase Pro in November 2021 but faced significant trading volatility, leading to its suspension and eventual delisting. The stablecoin was issued across multiple blockchain platforms, including Ethereum, Solana, and Stellar, with reserves held in FDIC-insured institutions and U.S. Treasuries, adhering to guidelines from the New York State Department of Financial Services.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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