GMO-Z.com Trust Co. Inc.’s $6.75 million settlement resolves a class action by New York and California purchasers who say they lost money when Gyen — a digital asset marketed to remain pegged one-to-one to the Japanese yen — became unpegged between Dec. 29, 2020 and Oct. 10, 2025. Plaintiffs allege GMO-Z.com failed to disclose risks to Gyen’s stability and that those omissions caused losses; the company denied wrongdoing but agreed to settle to avoid the costs and uncertainty of continued litigation. The deal creates a claims process for eligible New York and California buyers and, importantly, represents a concrete payout mechanism for consumers harmed by a purported stablecoin failure. The case sits squarely within growing scrutiny of stablecoins, which are supposed to maintain a peg through adequate reserves, transparent disclosures and sound governance; regulators and lawmakers have been pushing for clearer reserve-reporting and consumer-protection rules. Similar litigation and regulatory actions followed high-profile incidents such as the Terra/Luna collapse and controversies over reserve disclosures by other issuers (e.g., Tether and BUSD-related enforcement), illustrating how courts and regulators are testing whether issuers met disclosure and fiduciary duties. For trust-chartered issuers and those operating in states with robust oversight like New York, the settlement underscores the practical and legal risks of failing to maintain transparency about peg mechanics, reserves and redemption policies while federal and state authorities continue to consider tighter rules for stablecoin issuers.