Circle launched StableFX, an initiative to transform the $10 trillion daily foreign exchange (FX) market by enabling 24/7 on-chain currency conversion using stablecoins. The platform, unveiled in November 2025 on Circle’s Arc blockchain, promises to eliminate long-standing FX bottlenecks, such as prefunding requirements, delayed settlement, and fragmented trading venues. Circle Launches StableFX to Modernize Global FX Circle’s StableFX allows institutions to trade stablecoin pairs like USDC/EURC via Req ...

Core Viewpoint - Japan's government is actively supporting the integration of cryptocurrency trading into regulated stock and commodity exchanges, aiming for a structured approach to digital assets in 2026, termed as Japan's "digital year" [1][2]. Group 1: Government Support and Strategy - The government emphasizes that digital assets should be traded within existing regulatory frameworks to ensure investor protection and oversight [2]. - Finance Minister Satsuki Katayama highlighted that traditional exchanges are preferred for public access to digital assets, as they are viewed as more trustworthy compared to standalone crypto platforms [3]. - The government is closely monitoring international markets, noting that crypto-linked exchange products are already trading on major venues in the United States [3]. Group 2: Regulatory Changes - Japan's Financial Services Agency (FSA) proposed shifting crypto oversight from the Payment Services Act to the Financial Instruments and Exchange Act, aligning it with the regulation of stocks and funds [5]. - This regulatory shift would classify major cryptocurrencies as financial products, introducing stricter disclosure requirements and enforcement measures [5]. - Enforcement actions have intensified, with authorities requesting the removal of apps linked to unregistered overseas exchanges, making local approval essential for access to Japanese users [6]. Group 3: Taxation and Stablecoins - The government is considering a tax policy change to lower the crypto gains tax from a progressive rate of up to 55% to a flat rate of 20%, aligning it with the taxation of stocks and funds [6]. - Stablecoins, such as the yen-backed JPYC, are part of the broader strategy to integrate digital assets into the banking system, rather than creating a separate crypto economy [7].

ICYMI:🇯🇵👥 MAUs for @jpyc_official are going vertical.A chart to follow 👇 https://t.co/CakfQRg23G ...

🇯🇵⛓️ ICYMI: The JPYC supply is growing the fastest on @0xPolygon.The present is multichain & multicurrency. https://t.co/dsDThHU7D3 ...

Core Insights - Startale Group has launched Startale USD (USDSC), an institutional-grade dollar stablecoin, as the default settlement currency for the Soneium network, which is an Ethereum layer-2 platform [1][2] - The launch of USDSC is accompanied by a rewards program called STAR Points, incentivizing transactions through the Startale App [1][3] - The global stablecoin market is valued at over $310 billion, with predictions indicating an 88% chance that total capitalization will not exceed $360 billion before February [5] Company Developments - Startale Group's USDSC aims to provide a stable and trusted currency for users and creators on the Soneium platform, facilitating payments and yield opportunities [2] - The underlying infrastructure for USDSC is provided by the universal stablecoin platform M0, which integrates issuance, application logic, and liquidity [2] - The Startale App is currently open for a waitlist, allowing early access to USDSC features and STAR Points [3] Industry Trends - Japan's Financial Services Agency (FSA) has approved several stablecoin initiatives, including a dollar-pegged stablecoin by Circle and a yen-stablecoin pilot by major banks, indicating a growing regulatory acceptance of stablecoins in the region [4] - The stablecoin market is experiencing momentum, with various projects and partnerships emerging to enhance the infrastructure and usability of stablecoins [4]

Stablecoin Activity on Polygon - Over $10 billion worth of international stablecoins, including XSGD, BRZ, and JPYC, have been transacted on Polygon [1] Global Transactions - Polygon is presented as a reliable network for global stablecoin transfers [1]

Cryptocurrency Lending Platform Expansion - Morpho is expanding its global lending network to include Japanese Yen (JPY) [1] - Morpho will support lending and borrowing with the JPYC stablecoin [1]

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]