New Asset Listing - JPYC, a tokenized version of the Japanese yen, has been listed [1] - JPYC is available on Ethereum, Avalanche (AVAX), and Polygon [1] Market Position - The Japanese yen is the third-most traded currency in the foreign exchange market [1]

Product Launch - Circle launches StableFX, an institutional-grade stablecoin FX engine combining RFQ execution with onchain settlement [1] - Circle introduces Circle Partner Stablecoins, a program supporting select regional issuers to expand stablecoin currencies available in StableFX [2] StableFX Features - StableFX aims to deliver seamless execution, a wide range of assets, and instant settlement [2] - StableFX is designed for competitive RFQ pricing across liquidity providers, instant onchain settlement, and 24/7 capital-efficient design [3] Partner Stablecoins - Initial participants in Circle Partner Stablecoins include AUDF, BRLA, JPYC, KRW1, MXNB, PHPC, QCAD, and ZARU [4] Technology and Access - StableFX is currently live on @Arc Testnet [2]

New Product Launch - Circle 发布 StableFX，一个机构级别的稳定币外汇引擎，结合了询价执行（RFQ execution）与链上结算 [1] - Circle 推出 Circle Partner Stablecoins 计划，支持特定的区域发行方，扩大 StableFX 中可用的稳定币种类 [2] Technology and Design - StableFX 目前在 @Arc Testnet 上线 [2] - StableFX、Circle Partner Stablecoins 和 Arc 旨在提供无缝执行、广泛的资产范围和即时结算 [2] - StableFX 提供有竞争力的询价（RFQ）定价，覆盖多个流动性提供商 [3] - StableFX 支持即时链上结算 [3] - StableFX 采用 24/7 全天候资本高效设计 [3] Partner Stablecoins - 初始参与者包括 AUDF by @ForteAUD, BRLA by @aveniaio, JPYC by @jpy_coin, KRW1 by @BDACSKorea, MXNB by Juno (a @Bitso company), PHPC by @coinsph, QCAD by @stablecorp, ZARU by the @ZARUniversal [4] Market Focus - 外汇市场是世界上最大的市场，但也是现代化程度最低的市场之一 [1] - 旨在加速向全球互联金融系统（运行在稳定币轨道上）的转变 [2]

Core Insights - Japan's Financial Services Agency (FSA) is proposing new registration rules for crypto custodians and trading service providers to enhance oversight of the digital asset infrastructure [1][4][9] Regulatory Changes - A working group under the Financial System Council met to discuss the proposal, which mandates that all third-party custody and trading management firms register with regulators before offering services to crypto exchanges [3][4] - Exchanges will be required to use systems developed only by registered entities, addressing the current lack of similar regulations for external service providers [4][5] Security Concerns - The current framework requires crypto exchanges to safeguard deposits, but external service providers are not subject to the same rules, creating security vulnerabilities [5][9] - The urgency for these changes was highlighted by the DMM Bitcoin hack in 2024, where 48.2 billion yen ($312 million) worth of Bitcoin was stolen, exposing weaknesses in outsourced service oversight [5][6] Support for New Regulations - Most members of the working group support the new registration system, emphasizing the need for clearer regulations in the growing crypto ecosystem [6] - The FSA plans to compile a formal report and submit proposed amendments to the Financial Instruments and Exchange Act during the 2026 ordinary Diet session [6] Broader Digital Finance Agenda - The initiative aligns with Japan's efforts to balance innovation and investor protection, as evidenced by the recent approval of the first yen-backed stablecoin, JPYC, and a stablecoin pilot project involving Japan's three largest banks [7][8]

Stablecoin & Cryptocurrency Market - JPYC is now available on Ethereum, Avalanche, and Polygon networks [1] - The Japanese Yen (JPY) ranks third in foreign exchange trading volume globally [1] - JPY is also widely held as the third-largest reserve currency worldwide [1]

Cryptocurrency & Market Position - JPYC is live on Ethereum, Avalanche, and Polygon networks [1] - Japanese Yen is the third-most traded currency in the foreign exchange market [1] - Japanese Yen is widely used as a third reserve currency after the US dollar and the euro [1]

Cryptocurrency Market - JPYC is now available on Ethereum, Avalanche, and Polygon networks [1] - The Japanese Yen (JPY) ranks third in foreign exchange trading volume globally [1] - JPY is also widely held as a reserve currency, following the US dollar and the Euro [1]

Cryptocurrency Market - JPYC is live on Ethereum, Avalanche, and Polygon networks [1] - Japanese Yen is the third-most traded currency in the foreign exchange market [1] - Japanese Yen is widely used as a third reserve currency after the US dollar and the euro [1]

Group 1: Digital Currency Developments in Asia - APAC jurisdictions are pursuing different paths in digital currency development, with some focusing on central bank digital currencies (CBDCs) and others on private stablecoins [1] - Hong Kong completed its e-HKD pilot program on October 28, while Japan's JPYC stablecoin exceeded 50 million yen in circulation within 48 hours [1][5] - South Korea has issued warnings regarding depegging risks associated with stablecoins, and Australia has clarified its regulatory requirements for stablecoins [1] Group 2: Hong Kong's e-HKD Pilot Program - The Hong Kong Monetary Authority (HKMA) published its e-HKD Pilot Program Phase 2 Report on October 28, evaluating 11 pilot projects with major financial institutions like HSBC and DBS Hong Kong [2] - The report indicates that the e-HKD is more suitable for wholesale financial applications rather than immediate retail deployment [2][3] - The e-HKD demonstrated capabilities in settling tokenized assets, programmability for automated transactions, and offline payment functionality [3] Group 3: Future Plans for CBDCs - The HKMA plans to complete preparatory work for potential retail e-HKD applications by the first half of 2026, prioritizing wholesale use cases in the meantime [3] - The UAE is set to launch its Digital Dirham for retail use in Q4 2025, which will be treated as legal tender alongside physical currency [4] - Hong Kong's cautious approach contrasts with the UAE's accelerated timeline, highlighting different regulatory priorities and market conditions [4] Group 4: Japan's Stablecoin Launch - Japan launched its first regulated yen-pegged stablecoin, JPYC, on October 27, compliant with the revised Payment Services Act [5] - By October 29, JPYC had surpassed 50 million yen in circulation, marking a significant milestone for the country's stablecoin market [5]

Group 1 - The Bank of Korea has indicated that stablecoins should be issued through traditional banks under national regulation due to various risk factors associated with them [1] - The South Korean government is considering the launch of a stablecoin pegged to the Korean won to modernize the financial system and curb capital outflow [1] - Japanese startup JPYC has officially launched Japan's first stablecoin, "JPYC," which is fully convertible to yen and backed by domestic savings and Japanese government bonds [1] Group 2 - FXC Intelligence has reported that industry leaders expect a faster and more complex future, with stablecoins driving significant changes in global capital flows [1] - Daniel Weber, CEO of FXC Intelligence, stated that 80% of industry participants believe interoperability is crucial, and the winners in this new era will be those companies that master API-driven connections and collaboration to seamlessly integrate traditional, real-time, and stablecoin tracks [3]