Japan
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Stablecoin's 1-Million-Yen Cap Debated at FSA Study Group; Japanese Bankers Association Cautious
- JPYC Inc. said the cap applies at the issuance stage and estimated that issuing 5 billion yen (about $33 million) for a benefit payout to 100,000 people at 50,000 yen each would require 5,000 separate issuance transactions; it is seeking clearer treatment for batch issuance and exemptions for government, financial-institution, and verified corporate counterparties.
- SBI VC Trade, which handles USDC, RLUSD, and JPYSC, reported about 10.7 billion yen (roughly $71 million) in customer lending balances as of October (7.65 billion yen in JPYSC, 3.06 billion yen in USDC) and called for removing the 1-million-yen transfer/holding cap on Type-4 electronic payment instruments like RLUSD.
- The FSA secretariat's materials framed five discussion points — current regulation and backing assets, the 1-million-yen transfer cap, lending, and stablecoin issuance/tokenized deposits by deposit-taking institutions such as banks — while the Japanese Bankers Association expressed caution about loosening the limits.