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日本 → 美国稳定币通道证据 | CBSR

核对日本 → 美国有向通道的目的地门槛、T 类快照结论、来源依据与复核局限。

这一方向为什么重要

日本→美国是美国→日本 II 类渠道的 T 类反向例子。日本发行主体资格本身不满足美国的可比性与登记门槛；来源中的后续 II 类明确以美国门槛施行为条件。

方向 / 币种: 日本 → 美国 / JPY -> USD
公开类别代码: T
原分析数据时点: 2026-06
快照生成日: 2026-08-20
分类规则 / 主导法域: destination_in_transition / US
信号的证据层级 / 效力状态: 混合证据 · mixed / 已制定但未施行 · made_not_commenced

目的地门槛：快照原文

GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)

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.

快照记录的主管机构：US Treasury (Stablecoin Certification Review Committee) / OCC

分类依据与来源依赖

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.

信号: inbound_gate = comparability
依赖记录: us-pss-monetary_sovereignty-001
底层来源检查 / 复核状态: 无已记录证据 / 复核时效未知 · unknown

有向边与无向配对的区别

来源明确区分无向配对与有向边的约束交互集。本方向的交互集为 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.

来源与局限

已提交通道 JSON 原始文件
通道分析源文件
Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.19 (Japan -> United States)
Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid)

分析叙述或基础设施试验不证明已经取得业务准入。类别属于有日期的研究输出，不是牌照、执行批准或结算可用性保证。来源复核缺口继续保留在关联的法域记录中。