{ "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": "jp-us-jpy-usd-settlement", "name": "Japan -> United States (JPY->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "US", "direction": "directed", "currencies": "JPY -> 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": "JP-US", "divergence": { "kind": "interaction_sets", "against_pair": "JP-US", "pair_interaction_sets": [ "A", "C", "E", "F" ], "edge_interaction_sets": [ "A", "C" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and US)." }, "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": "The asymmetric mirror. A yen Electronic Payment Instrument (issued by a bank, registered funds-transfer provider, or trust bank) is freely exportable, but entering the US it meets the §18 comparability gate. The §18 comparability gate is enacted but not yet operative (§20), so the corridor is regime-in-transition today and resolves to Category II on commencement — for a different reason than inbound: there the channel is the gate, here the comparability determination is.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.19 (Japan -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: 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": "jp-us-jpy-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": [] } } }