WebX 2025 Roundtable Deep Dive: U.S.–Japan Regulatory Differences, Stablecoin Applications, and the Future of Crypto

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#WebX2025 #Japan #Crypto

At the end of summer in Tokyo, the WebX 2025 conference arrived as scheduled. Known as “Asia’s most important crypto summit,” the stage once again gathered global regulators, industry leaders, and policymakers. And the highlight this year was undoubtedly a roundtable on “Stablecoin Regulation and Applications in the U.S. and Japan.”

On one side sat Heath Tarbert, former chairman of the U.S. CFTC and now Chief Legal Officer of Circle. On the other, Satsuki Katayama, Japanese Senator and Chair of the Budget Committee. Representing the world’s two most important economies, they engaged in a fiery dialogue on crypto regulation and stablecoin development.

Some said this dialogue was like a “debate on the future of finance.” Others saw it as a microcosm of the battle between stablecoins and CBDCs. Either way, the signals revealed from this roundtable were enough to make the entire industry hold its breath.

 

The U.S. Perspective: From “War” to “Embrace”

If you remember the U.S. crypto environment just a year or two ago, the word was “winter.” Regulators and the industry were locked in confrontation, lawsuits were everywhere, and nearly every emerging project felt the heavy weight of uncertainty.

Now, Heath Tarbert delivered a striking line on stage: “For the first time in history, the United States is truly embracing crypto assets.”

1. The Genius Act: Stablecoins Finally Gain Recognition

At the core of this “embrace” is the passage of the Genius Act. The significance of this law lies in the fact that, for the first time, stablecoins were legally recognized as equivalent to cash. This means future U.S. dollar stablecoins must meet three requirements:

• 1:1 High-Quality Reserves: Each stablecoin must be backed by equivalent cash or Treasuries.
• Transparency and Auditing: Issuers must regularly disclose reserves and undergo third-party audits.
• Compliance-Only Issuance: Algorithmic stablecoins or those backed by risky collateral are strictly excluded.

In short, the U.S. has finally given the industry a clear “moat”: compliance, transparency, and credibility.

2. America’s Dilemma: The Road Is Open, But Details Lag Behind

However, Heath also admitted this is just the beginning. The U.S. still faces unresolved issues:

• Digital asset classification: Which are securities, which are commodities?
• Custody and exchange rules: Who takes responsibility, and how to protect users?
• Market structure legislation: How will digital assets be fully integrated into the mainstream financial system?

More subtly, although the Genius Act has passed, its implementation rules are not yet in place. It’s like a building framework has been erected, but the wiring and plumbing are not finished.

3. Attitude Toward CBDCs: Cautious, Even Resistant

On CBDCs, Heath was blunt: the U.S. is not in a rush. The main reason — privacy and surveillance concerns. In fact, the Genius Act explicitly prohibits the Fed from launching a CBDC in the near term, almost like “sealing off the exit in advance.”

In Heath’s view, the future of the U.S. dollar is far more likely to exist in stablecoin form rather than as a CBDC.

The Japanese Perspective: Stablecoins First, CBDCs Slowed

Unlike the U.S.’s “legislative breakthrough,” Japan’s focus is more on practical applications.

1. Stablecoins vs. CBDCs: Japan Chooses the Former

Satsuki Katayama stated firmly: “Japanese society harbors deep skepticism toward CBDCs, with privacy and decentralization being the main concerns.”

She admitted that while the Bank of Japan is collaborating with the ECB and others on CBDC research, progress has been slow. Instead, Japan prefers to prioritize stablecoin development.

2. Tax Reform: Bringing Crypto Back to “Reasonable Rates”

Another critical issue in Japan is taxation. Currently, crypto income is categorized as “miscellaneous income” with tax rates as high as 55%. This has driven away many young investors.

Katayama revealed that Japan plans to reclassify crypto under the Financial Instruments and Exchange Act, reducing the tax rate to 20% — aligning it with stock trading and U.S. standards.

The logic is simple: lower barriers → more youth participation → wider stablecoin adoption in daily payments.

3. Youth as the Driving Force

In Japan, the crypto user profile is clear: young people. Katayama even pointed out that much of their information comes from “food and fashion idols.” It sounds lighthearted, but it reflects a fact: young people are embracing crypto in their own way.

The Global Future of Stablecoin Applications

During the roundtable, both U.S. and Japanese representatives emphasized the same point: Stablecoins are not just a crypto trading tool, but the new cornerstone of global finance.

1. Cross-Border Payments: As Simple as Email

Currently, cross-border remittance fees average 6–7%, with settlement times of several days. Stablecoins flip this on its head: instant settlement, low cost, no forex fees. Heath even drew a vivid comparison: “Sending stablecoins across borders is like sending an email.”

2. Enterprise Adoption: A Potential B2B Revolution

Imagine a Japanese automaker settling parts procurement with stablecoins. No bank settlement delays, no forex losses. The only obstacle is Japan’s current transaction size limits, restricting large-scale B2B adoption. But as Katayama noted, these rules are already under review.

3. Financial Inclusion: A “Dollar Alternative” for Non-G20 Nations

In countries suffering severe currency depreciation, stablecoins could become the preferred savings tool. For citizens there, stablecoins = a portable U.S. dollar bank account.

Hot Take: Stablecoins vs. CBDCs — The Strategic Divergence

The biggest highlight of the roundtable was the strategic divergence between stablecoins and CBDCs.

• Japan: Skeptical of CBDCs, pragmatic in promoting stablecoin use.
• U.S.: Legally cementing stablecoins, even blocking short-term CBDC paths.

In other words, both economic giants are tilting toward stablecoins — just with different approaches.

For the industry, this implies:

• Clearer regulatory trends: Stablecoin compliance is inevitable.
• Improving tax environments: Especially in Japan, which may spark new adoption.
• Faster enterprise adoption: B2B payments and cross-border trade could lead the way.
• CBDCs left uncertain: Likely to remain “lab projects” rather than mainstream payment tools.

Conclusion

The WebX 2025 roundtable was not just a “U.S.–Japan dialogue,” but a global crypto regulatory weathervane.

Japan showcased its pragmatism and caution: promoting adoption through tax reform and stablecoin use in daily life. The U.S. took a crucial legal step: granting stablecoins unprecedented recognition.

Stablecoins and CBDCs may not be absolute opposites, but at least for the next five years, stablecoins will undoubtedly become the most practical and valuable cornerstone of blockchain finance.

For investors, what does this mean?

• Spot the trend: Stablecoin compliance and applications will only grow.
• Watch the policies: Tax and trading rules directly shape market vitality.
• Position for the future: Whoever captures stablecoin applications will own the next gateway of financial internet.

Tokyo’s discussion has already given us the answer. The rest is up to the market’s performance.