Japan Financial Services Agency seeks opinions on rules for stablecoin reserve bonds

The Financial Services Agency (FSA) of Japan has opened a public consultation period to solicit opinions on the draft rules for qualified bond types with stablecoin collateral, with a deadline of February 27, 2026. This rule aims to implement the Payment Services Act 2025 by defining the "specific trust beneficiary interests" of the issuer's reserves, and the final standard will specify the asset composition of all regulated stablecoins pegged to the Japanese yen issued in Japan.