What is ZUSD (ZUSD)?

Quick Facts

  • Issuer: GMO-Z.com Trust Company, Inc. (New York)
  • Peg: 1 ZUSD = 1 U.S. Dollar at all times
  • Backing: U.S. Dollars and U.S. Treasury Bills
  • Regulator: New York Department of Financial Services (NYDFS)
  • Blockchains: Ethereum, Solana, Stellar
  • Attestations: Monthly, by an independent accounting firm
  • Status: Orderly wind-down commenced; redemptions available until November 2026

Introduction

ZUSD is a fully reserve-backed U.S. dollar stablecoin issued by GMO-Z.com Trust Company, Inc. (GMO Trust). Designed to bridge traditional finance and the blockchain ecosystem, ZUSD maintains a strict 1:1 peg with the U.S. dollar and operates under a regulated trust company framework.

It was created alongside GYEN, the world's first regulated Japanese yen stablecoin, as part of GMO Trust's mission to connect conventional fiat rails with blockchain-based infrastructure.

History & Background

GMO-Z.com Trust Company was established in 2020 and chartered by the NYDFS as a limited-purpose trust company. It operates as a regulated subsidiary of GMO Internet Group, a Japanese internet conglomerate with roots dating back to 1991.

ZUSD launched initially on Ethereum before expanding to the Stellar network in 2022 and to Solana in 2024, progressively broadening its reach across multiple blockchain ecosystems. In 2024, ZUSD was listed on Bitstamp, giving users access through one of the world's longest-running cryptocurrency exchanges.

How ZUSD Works

Every ZUSD token is minted by GMO Trust and backed by an equivalent amount of U.S. Dollars and U.S. Treasury Bills held in reserve. Users can purchase and redeem ZUSD directly through the GMO Trust platform at a 1:1 ratio with the U.S. dollar.

GMO Trust publishes monthly reserve attestation reports conducted by an independently registered accounting firm adhering to AICPA standards, ensuring ongoing transparency. A no-cost swap between the Ethereum and Stellar versions of ZUSD is also offered, facilitating seamless cross-chain movement.

Tokenomics

ZUSD follows a fully collateralized issuance model: each token in circulation is backed one-to-one by fiat reserves, so the token supply always mirrors real-world assets held in custody. There is no algorithmic component or partial reserve — the economic design prioritizes stability and regulatory compliance over yield generation.

The token itself has no staking rewards or governance utility; its sole purpose is to serve as a stable, digital representation of the U.S. dollar.

Circulating supply ? 16,651 ZUSD
Total supply ? 16,651 ZUSD
Max supply ? -- ZUSD
Updated 21h ago

Ecosystem & Use Cases

ZUSD is designed for a wide range of applications:

  • Seamless trading across partner exchanges and venues with reduced transaction costs
  • Near-instant settlement for businesses, payment firms, and institutional users
  • On/off ramp between fiat and digital assets via supported exchanges
  • Treasury management for organizations seeking faster, programmable settlement
  • dApp and API integration for developers building on Ethereum, Solana, or Stellar

Team, Governance & Community

GMO Trust is led by Ken Nakamura (CEO) and operates as a regulated entity under NYDFS oversight. Being a subsidiary of GMO Internet Group (TSE: 9449), it benefits from an established corporate governance structure rooted in Tokyo with operational headquarters in New York.

Governance is centralized — GMO Trust controls issuance and redemption directly. There is no decentralized autonomous organization or community-based governance model.

Advantages

  • Full regulatory compliance under NYDFS, one of the strictest financial regulators in the U.S.
  • 100% reserve-backed by USD and U.S. Treasury Bills, with no algorithmic risk
  • Monthly independent attestations for strong transparency and auditability
  • Multi-chain availability on Ethereum, Solana, and Stellar for broad accessibility
  • Institutional-grade custody supported by leading custody providers and wallet services

Risks & Challenges

  • Wind-down in progress: GMO Trust has commenced an orderly dissolution under New York Banking Law. New minting has ceased, and existing holders are urged to redeem before November 2026.
  • Centralization risk: Issuance and redemption are fully controlled by GMO Trust, with no decentralized fallback.
  • Regulatory geography: ZUSD is not available to residents of Japan and certain other regions due to local restrictions.
  • Counterparty dependency: The token's value is entirely contingent on GMO Trust's solvency and compliance standing.

Long-Term Vision

GMO Trust was originally on a mission to bring regulated, transparent stablecoins to a global audience, connecting traditional fiat infrastructure with blockchain-based payment rails. ZUSD represented that vision for the U.S. dollar, while GYEN did so for the Japanese yen.

However, with GMO Trust's voluntary dissolution now underway, the long-term future of ZUSD as an active stablecoin is effectively concluded. Existing holders should monitor communications from GMO Trust and complete any redemptions within the announced period.

Frequently Asked Questions

ZUSD is a regulated U.S. dollar stablecoin issued by GMO-Z.com Trust Company. It is fully reserve-backed and always redeemable 1:1 for U.S. dollars.

ZUSD is issued by GMO-Z.com Trust Company, Inc., a New York-based limited-purpose trust company regulated by the New York Department of Financial Services (NYDFS). It is a subsidiary of GMO Internet Group, a major Japanese internet conglomerate.

Every ZUSD is backed by U.S. Dollars and U.S. Treasury Bills held in reserve. Monthly attestation reports from an independent accounting firm confirm the reserves are maintained at a 1:1 ratio.

ZUSD is available on Ethereum, Solana, and Stellar. GMO Trust also offers a no-cost swap between the Ethereum and Stellar versions of the token.

GMO Trust has commenced an orderly wind-down of ZUSD and GYEN issuance. New minting has stopped, and a 180-day redemption period is open until November 11, 2026, during which holders can redeem their ZUSD at par.

Existing Account Holders in good standing can redeem ZUSD directly through the GMO Trust Platform at a 1:1 ratio with the U.S. dollar. GMO Trust has urged all holders to complete redemptions before the platform closes.

No. ZUSD is a centrally issued and managed stablecoin. GMO Trust controls all minting and redemption, and there is no decentralized governance or algorithmic mechanism involved.

GMO Trust publishes monthly reserve attestation reports on its official website (stablecoin.z.com). These reports are conducted by The Network Firm, an independently registered accounting firm following AICPA standards.