Japan just opened the door to foreign stablecoins. Starting June 1, the FSA's revised ordinance classifies qualifying foreign trust-type stablecoins as "electronic payment instruments" under the Payment Services Act. That means assets like USDC can now be handled by registered domestic payment providers instead of being boxed into securities law. The bar isn't low. Each stablecoin gets assessed individually on liquidity, credit risk, redemption reliability, and audit quality. Issuers must operate under regulations the FSA deems equivalent to Japan's own banking standards. The bigger picture: after the US GENIUS Act and EU MiCA, Japan becomes the third major economy to formalize stablecoin legislation within roughly two years. Meanwhile, Japan's three megabanks (MUFG, Sumitomo Mitsui, Mizuho) are building a yen stablecoin targeting over 300k corporate clients via the Progmat platform. On the dollar side, Circle has already established a local joint venture and USDC is live on domestic exchanges with a payment pilot underway. Foreign dollar stablecoins and domestic yen stablecoins are now on parallel regulatory tracks. Global stablecoin supply currently sits at $189.3B for USDT and $76.4B for USDC. Asia is clearly gearing up to capture more of that flow. Do you think clearer stablecoin regulations are bullish for crypto overall, or does more regulation just mean more control? #JapanBacksStablecoins