{
  "register": "Cross-Border Stablecoin Register",
  "version": "0.11.0",
  "generated": "2026-08-20",
  "endpoint": "corridor_directed",
  "guardrail": "static projection of the public register; no facts added here",
  "data": {
    "corridor_id": "hk-us-hkd-usd-settlement",
    "name": "Hong Kong SAR -> United States (HKD->USD settlement)",
    "schema": "corridor/v3-directed-edge",
    "origin": "HK",
    "destination": "US",
    "direction": "directed",
    "currencies": "HKD -> USD",
    "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)",
    "compatibility_category": "I/II",
    "compatibility_pair": "HK-US",
    "archetypes": [
      "RC",
      "SC",
      "TC",
      "DC"
    ],
    "interaction_sets": [
      "A",
      "C"
    ],
    "infrastructure_overlap": {
      "bloc": "cross-bloc",
      "note": "HK on Project Ensemble + mBridge; US on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)."
    },
    "inbound_mechanism": {
      "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)",
      "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent.",
      "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC"
    },
    "note": "In the reverse direction an HKD-referenced token entering the US meets the same §18 comparability gate as any other foreign token. The Hong Kong extraterritorial rule is not the binding constraint here; the US inbound gate is. Regime-in-transition for the same reason the euro-into-US corridor is: the §18 gate is enacted but not yet operative (§20). It resolves to Category II on commencement.",
    "source": {
      "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.4 (Hong Kong SAR -> United States)",
      "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid)"
    },
    "valid_as_of": "2026-06",
    "evidence_tier": "firm_summary",
    "version_added": "0.5.0",
    "tags": [
      "corridor",
      "directed_edge",
      "from_atlas_v0.2.5",
      "v0.5.0_corridor_layer",
      "directional_asymmetry"
    ],
    "materialized_from": "authored",
    "authored_source_file": "hk-us-hkd-usd-settlement.yaml",
    "class_code": "T",
    "origin_drag": false,
    "class_basis": {
      "rule": "destination_in_transition",
      "governing_jurisdiction": "US",
      "signal": "inbound_gate",
      "signal_value": "comparability",
      "claim_class": "tier1_legal",
      "binding_status": "made_not_commenced",
      "evidence_tier": "mixed",
      "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.",
      "record_ref": "us-pss-monetary_sovereignty-001",
      "record_ref_meta": {
        "dimension": "monetary_sovereignty",
        "match": "same_instrument",
        "record_binding_status": "in_force_enacted",
        "record_evidence_tier": "firm_summary",
        "record_claim_class": "tier1_legal",
        "backlog_ref": "VB-06",
        "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.",
        "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T."
      }
    },
    "as_of_timeline": {
      "today_class": "T",
      "as_of_base": "2026-06-30",
      "scheduled": [
        {
          "event_id": "us-genius-act-effective",
          "effective_date": "2027-01-18",
          "date_kind": "outer_cap",
          "status": "scheduled_with_cap",
          "resolves_to": "II",
          "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations."
        }
      ],
      "contingent": []
    }
  }
}