{
  "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": "us-jp-usd-jpy-settlement",
    "name": "United States -> Japan (USD->JPY settlement)",
    "schema": "corridor/v3-directed-edge",
    "origin": "US",
    "destination": "JP",
    "direction": "directed",
    "currencies": "USD -> JPY",
    "feasibility_class": "Category II (channel determination required)",
    "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 (US and JP)."
    },
    "inbound_mechanism": {
      "test": "Japan Electronic Payment Instruments inbound channel-determination",
      "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).",
      "administrator": "FSA / Local Finance Bureaus"
    },
    "note": "A dollar issuer reaching into Japan does not meet automatic dual authorization; it meets a channel. A foreign-issued stablecoin circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, while the foreign issuer does not issue/redeem/solicit to Japanese users. The working example is USDC, admitted via SBI VC Trade (March 2025). Because the gating step is a recognition + registration channel-determination rather than mutual recognition, the corridor is Category II — the same class as entry into the US or the UAE — even though Japan is a fully live regime.",
    "source": {
      "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.18 (United States -> Japan)",
      "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)"
    },
    "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"
    ],
    "materialized_from": "authored",
    "authored_source_file": "us-jp-usd-jpy-settlement.yaml",
    "class_code": "II",
    "origin_drag": false,
    "class_basis": {
      "rule": "destination_gate",
      "governing_jurisdiction": "JP",
      "signal": "inbound_gate",
      "signal_value": "channel",
      "claim_class": "tier1_legal",
      "binding_status": "in_force_enacted",
      "evidence_tier": "mixed",
      "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.",
      "record_ref": "jp-epi-monetary_sovereignty-001",
      "record_ref_meta": {
        "dimension": "monetary_sovereignty",
        "match": "same_instrument",
        "record_binding_status": "in_force_enacted",
        "record_evidence_tier": "resolution_text",
        "record_claim_class": "tier1_legal"
      }
    }
  }
}