ZUSD, issued by GMO-Z.com Trust Company, Inc., is a fiat-backed stablecoin that tracks the U.S. dollar (USD) at a 1:1 peg and is purchasable and redeemable at par directly with the issuer [S1][S2][S3].

Holders receive a token economically equivalent to one U.S. dollar (USD) per unit, redeemable 1:1 against the underlying fiat [S2][S3]. Every ZUSD in circulation is backed by U.S. dollars and U.S. Treasury bills three months or less from maturity, held in insured financial institutions and government money market funds [S2][S3]. The token is a price-pegged par instrument carrying no holder yield, NAV accrual, or coupon [S2][S3]. Reserves are verified monthly by The Network Firm under AICPA standards [S4].

GMO-Z.com Trust Company, Inc. is a limited purpose trust company chartered and supervised by the New York State Department of Financial Services (NYDFS) to engage in the Virtual Currency Business, with ZUSD greenlisted by the NYDFS [S5][S1]. The holder's claim is a fiat-backed stablecoin redeemable 1:1 directly with the issuer; redemption-only accounts are available and the minimum redemption is $1 via bank wire [S1][S6][S7]. Access requires KYC and AML verification, and offering and trade are restricted from the EU under Regulation 2023/1114 [S1][S3]. As of May 15, 2026, GMO Trust commenced an orderly wind-down and disabled the purchase function [S7].

ZUSD is issued natively as an ERC-20 token on Ethereum and on the Stellar and Solana networks, with website-based cross-chain conversion across these networks [S1][S8][S3]. Minting follows confirmed fiat deposit; redemption requires submitting a request, sending tokens to the burn contract, and on confirmed burn the issuer wires fiat to the linked bank account [S1]. Reserve transparency is published via monthly attestation reports [S4].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://stablecoin.z.com/" },
    { id: "S2", url: "https://stablecoin.z.com/what-are-gyen-and-zusd/" },
    { id: "S3", url: "https://stablecoin.z.com/zusd/" },
    { id: "S4", url: "https://stablecoin.z.com/attestation/" },
    { id: "S5", url: "https://stablecoin.z.com/company/" },
    { id: "S6", url: "https://stablecoin.z.com/gyen/" },
    { id: "S7", url: "https://stablecoin.z.com/fee-schedule/" },
    { id: "S8", url: "https://stablecoin.z.com/lp/solana/" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

GMO Trust issues the GYEN (yen-pegged) and ZUSD (USD-pegged) stablecoins backed by 1:1 fiat reserves in insured institutions and US Treasury instruments, generating revenue through issuance and redemption services.

GMO Trust is a New York-regulated stablecoin issuer operating under GMO-Z.com Trust Company, issuing GYEN (JPY-pegged) and ZUSD (USD-pegged) stablecoins with institutional-grade compliance.

GMO-Z.com Trust Company is a subsidiary of GMO Internet Group, regulated by the New York Department of Financial Services.

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Stablecoin issuers

GMO-Z.com Trust Company

Z.com USD (ZUSD) is a U.S. dollar stablecoin issued by GMO-Z.com Trust Company through GMO-Z.com Trust Company, Inc.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Reserves are held in bank deposits, in accounts segregated from the issuer's own funds.

They sit with East West Bank, attested monthly by The Network Firm LLP.

Retail investors and institutions can mint and redeem directly with GMO-Z.com Trust Company in USD after completing KYC, and holders have a contractual right to redeem at par.

GMO-Z.com Trust Company, Inc. operates under a U.S. state trust charter and is supervised by the New York State Department of Financial Services (NYDFS).

ZUSD has been issued on public blockchains since December 2019 and is native to Ethereum, Stellar, and Solana.

Z.com USDZUSD