CBSR · evidence library

United States → Japan stablecoin corridor evidence | CBSR

Read the directed United States → Japan corridor, destination gate, class II, source basis and review limitations from the historical CBSR snapshot.

Why direction matters here

The US→Japan edge is class II: a registered EPIESP channel, local reserve and foreign-issuer conduct conditions rather than automatic dual authorisation. The class basis also records a foreign trust-type instrument recognition condition; it does not turn recognition into blanket market access.

Direction / currencies: United States → Japan / USD -> JPY
Published class code: II
Authored analytical dateline: 2026-06
Snapshot generation: 2026-08-20
Class rule / governing jurisdiction: destination_gate / JP
Evidence tier / binding status of signal: mixed / in_force_enacted

Destination gate: exact snapshot wording

Japan Electronic Payment Instruments inbound channel-determination

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 recorded by source: FSA / Local Finance Bureaus

Class basis and source dependency

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.

Signal: inbound_gate = channel
Dependent record: jp-epi-monetary_sovereignty-001
Underlying source check / review state: 2026-06-27 / stale

Directed edge versus undirected pair

The source explicitly distinguishes pairwise interaction sets from this directed edge. Direction-specific interaction sets are A, C

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.

Sources and limits

Exact committed corridor JSON
Authored corridor source
Underlying regulatory source recorded by CBSR
Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.18 (United States -> Japan)
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)

An authored narrative or infrastructure pilot does not certify operational access. The class is a dated research output, not a licence, execution approval or guarantee of settlement availability. Source-review gaps remain visible in the linked jurisdiction records.