最新报道：At the WebX Fintech EXPO held in Osaka last Friday, panelists discussed Japan's evolving stablecoin landscape, highlighting the gap between regulatory progress and real-world adoption. Panelists included Akio Isowa of Sumitomo Mitsui Financial Group, Tatsuya Saito, CEO of Progmat, and Kenta Sakakibara, Japan Manager of Circle. Moderator Kenta Sakagami, COO and CFO of DeFimans, moderated the discussion. Japan and the US: Comparing Stablecoin Regulatory Approaches. Japan's financial industry is increasingly interested in stablecoins, digital currencies pegged 1:1 to fiat currencies. On August 19th, Japan's Financial Services Agency approved the country's first yen-backed stablecoin, JPYC, with an official launch planned for this fall. However, regulatory bodies have been in place since 2022, giving Japan a first-mover advantage. In contrast, US stablecoins such as Tether's USDT and Circle's USDC enjoyed widespread adoption prior to federal legislation. The GENIUS Act, passed by the U.S. Congress and signed by the President in July, established a regulatory framework for issuers, including federal oversight of issuances exceeding $10 billion—USDC alone has issued $67 billion, under the Office of the Comptroller of the Currency. Circle’s Sakakibara highlighted three key differences: Isowa noted, “In the U.S., Tether and Circle’s combined issuance totals 30-40 trillion yen, driven by higher short-term government bond yields. Low yields in Japan limit growth opportunities.” He also highlighted anti-money laundering challenges: “Banks manage AML, but with stablecoins, issuers must ensure compliance themselves, which remains a key issue.” Challenges Facing Stablecoin Providers Tatsuya Saito, CEO of Progmat, a digital asset infrastructure platform co-founded by major Japanese banks, discussed operational hurdles. He explained, "Regulatory impacts vary slightly depending on whether the provider is a bank or a cryptocurrency-related company." He further elaborated, "Retail transactions rarely exceed 1 million yen, but banks handling wholesale transfers for corporate or institutional clients face stricter regulations. Ensuring compliance in all scenarios remains a challenge." Market Potential and Global Ripple Effects Panelists agreed that the launch of JPYC, Japan's first yen-backed stablecoin, represents a significant milestone. Sakakibara explained Circle's strategy: "We launched our USDC business in Japan at the end of March. The market has already shared several use cases, including migrating wholesale international payments and treasury management businesses to stablecoins. We see strong demand for yen-backed tokens and expect the GENIUS Act to have a positive spillover effect on Japan's ecosystem." Japan's experience with QR code cashless payments since the late 2010s provides a reference for the potential applications of stablecoins. Isowa said: "Initially, the multiple QR code payment systems caused confusion for consumers, but interoperability has improved. Stablecoins may follow a similar path. Early coordination on which tokens to adopt is crucial." He added that wholesale banking could benefit from internal stablecoins: "Multinational corporations pool funds through cash management systems, but time zone differences can cause transfer delays. Stablecoins can achieve instant liquidity, improving efficiency and labor productivity." Advantages of Stablecoins over Cashless Systems Saito emphasized the technological advantages: "Current cashless payments are siloed for each merchant database, hindering interoperability. Stablecoins built on shared standards allow for easy exchange between different tokens." He predicted market consolidation: "Initially, there will be multiple stablecoins, but over time they will converge." Saito concluded: "The GENIUS Act and the issuance of JPYC sounded the alarm for the Japanese financial industry. Now, ignoring stablecoins is more risky than participating in them."