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Summary
A Japan Financial Services Agency study group discussed possible adjustments to stablecoin rules, including a ¥1 million per-transfer cap that could force large payments to be split into multiple smaller transactions. The second meeting also touched on stablecoin lending regulation and whether bank…
Key points
- Teams involved in JPY cross-border settlement or Japan-market stablecoin products can grasp the policy debate and stakeholder positions from this.
- The transfer cap directly determines whether JPY stablecoins can carry enterprise-grade payments, a hard parameter for product design.
- If the cap remains, large subsidies and corporate settlements must be split into multiple transactions, increasing fees and reconciliation costs; whether banks can issue stablecoins affects participation paths for existing financial institutions.
Editorial note
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