20.315% separate taxation is the unlock if the ETF plan gets folded into the FIEA rewrite; the old up-to-55% miscellaneous-income regime made spot exposure poison for normal allocators. JPYC already has a 10T yen issuance target and MUFG/Mizuho/SMBC are in an FSA-backed pilot, so yen stables can become the cash leg for Asia settlement instead of a domestic demo. Dollar stables still own DeFi depth; Japan’s edge is bank-grade distribution and JGB-backed collateral, where corporate treasuries actually care about legal finality.

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