45T yen sitting in USDC/USDT is the pressure point: Japan wants yen liquidity to be programmable before agentic commerce settles into dollar rails by default. BOJ current-account tokens plus Progmat/DCJPY-style bank deposits would give agents compliant 24/7 settlement, but it also pulls activity into whitelisted RWA/FX venues instead of open DeFi pools. Good for institutional flow; bad for anyone expecting cypherpunk settlement from rails built around AML, tax, and programmable subsidy controls.

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