# Request for review: Practical Stablecoin Implementation Guide Draft Report (Block 14) **URL:** \ **Category:** Financial Applications & Social Economics (FASE)\ **Created:** [March 22, 2026, 9:34am UTC](https://bgin.discourse.group/t/request-for-review-practical-stablecoin-implementation-guide-draft-report-block-14/944 "2026-03-22T09:34:27Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![Rola](https://avatars.discourse-cdn.com/v4/letter/r/74df32/32.png) [@Rola](https://bgin.discourse.group/u/Rola)\ **Post date:** [March 22, 2026, 9:34am UTC](https://bgin.discourse.group/t/request-for-review-practical-stablecoin-implementation-guide-draft-report-block-14/944/1 "2026-03-22T09:34:28Z")
@ChloeWhiteAus @KenKatayama @JoeyNB_COS @Mitchell Hello FASE WG Chairs and Experts, Following our sessions at BGIN Block 14 in Tokyo, we have prepared the draft session report for: Practical Stablecoin Implementation Guide. Review Request: Please review the attached draft for technical accuracy and provide any feedback, corrections, or additions directly in this thread **by March 27**. [FASE\_Practical\_Stablecoin\_Implementation\_Guide.docx](https://bgin.discourse.group/uploads/short-url/5mlDUzvUo6wVfQb0WqwNO6xwWn8.docx) (50.2 KB) Thank you for your contributions to these governance standards. Best regards, Rola ---
**Author:** ![ChloeWhiteAus](https://sea1.discourse-cdn.com/flex019/user_avatar/bgin.discourse.group/chloewhiteaus/32/101_2.png) [@ChloeWhiteAus](https://bgin.discourse.group/u/ChloeWhiteAus)\ **Post date:** [March 24, 2026, 3:00pm UTC](https://bgin.discourse.group/t/request-for-review-practical-stablecoin-implementation-guide-draft-report-block-14/944/2 "2026-03-24T15:00:07Z")
Dear all, I have created my own summary of the second Agenda Item that was discussed within this Session i.e. the Agentic Payments workshop component. My summary provides some additional detail on that topic, to complement the overall session summary provided by Rola above. Please see the document attached, if of interest. Many thanks, Chloe. [Chloe’s Meeting Report - Agentic Payments Chatham Summary - JFW Block 14 (March 2026).docx.pdf](https://bgin.discourse.group/uploads/short-url/qvzc4O2cDvOMNyULYuLY55PaniL.pdf) (208.4 KB) cc @shinichiro.matsuo ---
**Author:** ![shinichiro.matsuo](https://sea1.discourse-cdn.com/flex019/user_avatar/bgin.discourse.group/shinichiro.matsuo/32/11_2.png) [@shinichiro.matsuo](https://bgin.discourse.group/u/shinichiro.matsuo)\ **Post date:** [March 25, 2026, 5:45pm UTC](https://bgin.discourse.group/t/request-for-review-practical-stablecoin-implementation-guide-draft-report-block-14/944/3 "2026-03-25T17:45:33Z")
It is a summary by another local LLM for the first part of discussion. # Practical Stablecoin Session — Pilot Discussion and Digital Garage POC (Challenges) **Context.** BGIN Block 14, _FASE: Practical Stablecoin Implementation Guide_ (Day 2, Room B). This note summarizes material from the meeting **transcript** through the **Digital Garage / Myna Wallet** retail-payment segment: the **USDC registration-fee pilot** , **SBI VC Trade** , floor discussion, and **DG’s café POC** (before the chair’s later **AI agents × stablecoin** exercise). * * * ## 1. Purpose of the pilot (BGIN / Prof. Matsuo) - Block 14 was the **first trial** of accepting **USDC** for **registration and sponsorship** fees—not only discussing stablecoins but **using** them in conference operations. - The explicit goal was to **surface friction** across **technology, operations, and regulation** and to feed a **structured list of difficulties** into future improvements. - In Japan, **SBI VC Trade** was described as the **only** licensed path for the needed **USDC ↔ JPY** leg for yen-denominated treasury needs, which drove the partnership. ## 2. Regulatory and business constraints in Japan - **Approx. ¥1 million equivalent cap** on certain foreign-stablecoin flows (illustrated on the order of **~6,400 USDC** in the discussion): limits on sending/buying/selling above that threshold in the regulated exchange / wallet context. - **Large corporate-style limits** were described as tight in practice (e.g., a **¥100 million per transaction** framing was called out as constraining). - A **custody-duration / balance rule** for **foreign stablecoins (USDC)** on the exchange— **cannot retain above a yen-equivalent threshold beyond six months** —was said to **push balances off custodial platforms** into **non-custodial** arrangements, which is **operationally burdensome** for firms. - **AML/CFT** : enabling payments requires **knowing provenance** (where funds come from and from whom). That is **hard to square** with **unknown counterparties** and **retail-scale** payment growth. - **JPY-denominated stablecoin issuance** (SBI group context) was contrasted with **foreign stablecoins** still subject to the above constraints— **cross-border payers who need yen conversion** remain under the stricter foreign-stablecoin regime, limiting **viable use cases**. - An informal poll suggested **only one participant** had paid registration in **USDC** , underscoring **adoption and liquidity** as practical issues, not only rules. ## 3. Operations and KYC friction - **Account opening at SBI VC** for the Japanese non-profit supporting BGIN: the representative’s **U.S. non-resident** status added **weeks** of KYC/email back-and-forth; **over one month** to open the account. - **Coinbase Commerce** collected name, email, and physical address but lacked a field for **purpose of transaction** , which may be expected for **cross-border** payments—flagged as a **merchant-rail / product** gap to improve. - **“USDC” vs. multi-chain reality** : the same ticker on **Ethereum, Base, etc.** behaves like **different settlement environments**. Because **SBI VC accepted only USDC on Ethereum** for this flow, a payment on another chain could **not** be processed through the intended **USDC → JPY** path. A **knowledgeable participant** still mis-routed funds; the group stressed **end-user confusion** at scale. - **Obtaining USDC in the U.S. (personal experience cited)**: **credit-card purchase** not available; **bank transfer** heavy under AML/KYC; **instant** acquisition only via a **PayPal → linked bank (ACH)** workaround—described as **too difficult for average users** , despite policy enthusiasm for stablecoins in both the U.S. and Japan. ## 4. Payment UX and routing - **Coinbase Commerce** was said to **default to the cheapest-fee network** (e.g., **Polygon** ), so payers sometimes **did not choose a chain** yet settled on **the wrong chain** relative to the organizer’s requirement. - **Merchants** then bear responsibility to **swap or bridge** to the chain they actually need— **operational overhead** on the receiver side. ## 5. Cost - Participants briefly compared **all-in cost** and **who pays fees** (payer vs. merchant) and **wrong-chain remediation** costs; the chair then steered back to the published agenda (Digital Garage slot). ## 6. Digital Garage and Myna Wallet — retail stablecoin payment POC **Speakers (as in transcript).** **Shunichi Kimura** (Head of Web3, Digital Garage) outlined the pilot; **Shindo** (CPO, **Myna Wallet** ) followed with product detail and other POCs, in Japanese with consecutive interpretation. ### 6.1 DG context and pilot setup - DG described itself as a **payment service provider** (stablecoins as a near-term operational theme), **Crypto Garage** , and **enterprise crypto custody** (e.g. digital-asset treasury clients), with a goal to support **Japanese enterprises** on stablecoins over time. - **Motivation:** DG cited **1M+ merchants** on its rails as a potential **spend path** for stablecoin holders; the pilot was framed as building **real usage** despite limited domestic holding today. - **Venue / flow:** Stablecoin payments at **Pangea Café** (10th floor of the Block 14 venue tower), with **Myna Wallet** support on **technology and regulatory framing**. **JCB** and **Resona Holdings** (large card network and banking group—ASR: “Risen”) participated to **explore future integration**. - **Volume (stated):** **100+ transactions** , split about **half JPYC / half USDC**. DG noted **surprising USDC use** , attributing it partly to **inbound visitors** to the Parco complex stopping at the café. ### 6.2 Technical pattern (high level) - **Myna Pay:** **QR-based** checkout, **gas-sponsored** transactions, and a **regulatory framework** for the POC. Wallets mentioned included a **KYC-oriented** Myna flow, **Base App** , and others via **WalletConnect**. Merchant experience: scan / confirm and deliver goods (e.g. coffee). ### 6.3 DG’s summarized challenges - **Merchants:** Adding the rail was described as **straightforward** ; **no negative store feedback** in the POC. - **Users vs. traditional payments:** Even wallet-experienced users sometimes faced **multiple authentication steps** — **more friction** than cards or QR bank pay. - **Privacy:** **Public on-chain history** exposes **who paid** ; **merchant revenue** can be inferred (Kimura cited **one-time addresses** as a parallel to patterns **Stripe** uses). Open need for **mitigations** at scale. - **Compliance:** Large players could **restrict to KYC’d wallets** , but **non-KYC wallets** (e.g. **Base App** ) remain in the wild—tension over **how strongly to push KYC** and whether **near–real-time KYT / API-style screening** can avoid **screening every small merchant payment** without **slowing** checkout (DG runs a **Japanese exchange** and flagged this **speed vs. control** trade-off). - **Licensing (scale-up):** **Who holds the license** (e.g. **JCB vs. DG** ) was described as **under discussion**. - **Wallet architecture:** **Direct deposit to a licensed exchange** is awkward for **high-frequency small tickets** because exchanges may need to **screen each receipt** —suggestion of **self-custody / hybrid / proxy** designs to combine **exchange** and **payment** needs. - **Gas / economics:** Gas in the POC ranged about **tens of bps to several percent** depending on **amount, chain, and timing** ; for a **payment operator** gas is **pure cost** , and **all-in pricing** for future **KYC / FX** services was described as **still unclear**. ### 6.4 Myna Wallet — additional POC color and UX hurdles - **Product:** **My Number card** / **JPKI** -oriented **non-custodial wallet with KYC** (operator certification narrative as in transcript). - **Other experiments:** e.g. **Fukuoka pro-basketball** event with **JPYC** and **physical My Number card** tap-style flow; ongoing tests with **JPYC** and **USDC**. - **Café QR POC:** **Myna Pay** —customer scans merchant QR; pay from **Base App, MetaMask, or Myna Wallet**. - **User pain points:** **On-ramping** , **understanding networks** , **mistakes** (e.g. POC accepted **JPYC on Polygon** and **USDC on Base** , but some users sent **JPYC on Avalanche** ); difficulty obtaining **native tokens for gas** even when the **café flow** was **gas-sponsored** (because acquisition paths still hit gas). **Simpler UX** may require **legal clearance** workstreams. - **Scale vs. rules:** Roughly **tens of thousands of yen** in sales over **five days** was mentioned alongside **JPYC ~¥1M-type limits** as a **modeling / compliance** constraint for something **economically meaningful**. - **Privacy / policy hope (paraphrased):** desire for frameworks where **KYC’d wallets** improve **compliance and smooth use** without abandoning **payment privacy** entirely. ### 6.5 Live anecdote - Same-day **live payment demo** at the café (~ **USD 250 equivalent** cited): **Base wallet** payment **failed** (wallet tied to an **unexpected address** ); **USDC moved to MetaMask** and paid via **QR → merchant page → wallet choice → multiple confirms**. Framed as illustrating **shared UX pain** with the POC team’s findings. * * * ---
**Author:** ![SogoHosomi](https://avatars.discourse-cdn.com/v4/letter/s/4bbf92/32.png) [@SogoHosomi](https://bgin.discourse.group/u/SogoHosomi)\ **Post date:** [May 13, 2026, 5:02am UTC](https://bgin.discourse.group/t/request-for-review-practical-stablecoin-implementation-guide-draft-report-block-14/944/4 "2026-05-13T05:02:07Z")
@ChloeWhiteAus @KenKatayama @JoeyNB_COS @Mitchell Hello FASE WG Chairs and Experts, Thank you for your response and ongoing support on the IKP session report. I hope this is not too much to ask, but we are hoping to publish the document on the web page by next Monday. Would it be possible for you to upload the merged file with all revisions by this Friday? We truly appreciate your time and effort, and we apologize for the short notice. Please let us know if the timeline is not feasible and we will do our best to accommodate. Thank you so much for your understanding and continued support. Best regards, Sogo