Hi everyone, Chloe thanksfully drafted a stablecoin paper “Policy priorities for stablecoin regulation: past, present and future.” We sincerely appreciate public feedback and comment on the paper (due on 2/11)!
We are planning to discuss it further in the FACE working group. We are going to introduce it in a stablecoin session at Block#12.
Thank you for your contribution! @ChloeWhiteAus
Added some comments and made edits on section 3.5 and onwards.
We may also want to revisit the comments on other sections to see if responded appropriately.
For Your Information about stablecoins that Japanese companies are involved.
(1) USDC haldled by a Japanese intermediary
March 2025
(2) JPYC: JPY denominated stablecoin issued by a Japanese money transmitter licensed issuer
Their official announcement is written only in Japanese
Issuance have exceeded 100 million yen in three chains as of 2nd November
【速報】JPYC、発行量1億に到達 | CoinDesk JAPAN（コインデスク・ジャパン）
(3) Stablecoin(s) to be issued through trust banking scheme
to be issued
There is a news from an international news agent
<Offshore, at least initially>
(4) Stablecoins to be issued by DAO
For Your Information about stablecoins that Japanese companies are involved.
(1) USDC haldled by a Japanese intermediary
March 2025
(2) JPYC: JPY denominated stablecoin issued by a Japanese money transmitter licensed issuer
Their official announcement is written only in Japanese
(3) Stablecoin(s) to be issued through trust banking scheme
<Offshore, at least initially>
(4) Stablecoins to be issued by DAO
As Chloe commented, we may want to priotize the issuance of the paper, while mentiong the above (2) only as it is actually issued, in new form of issuance.redemption (conducting KYC on wallet holders directly).
A useful addition would be to compare regulatory priorities by stablecoin design, rather than treating all tokens as the same. Reserve-backed coins, crypto-collateralized systems, and algorithmic designs raise different questions around redemption, custody, governance, and failure. Making those distinctions explicit could help readers see which policy tools fit which risks.