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  "slug": "fintech/fx-onchain-as-stablecoin-final-boss",
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  "raw_markdown_url": "https://finwiki.zksc.io/fintech/fx-onchain-as-stablecoin-final-boss.md",
  "domain": "fintech",
  "title": "為替 onchain 化はステーブルコイン領域の「ラスボス」 — プライムブローカー消失と Herstatt Risk 解消",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "為替 onchain 化はステーブルコイン領域の「ラスボス」 — プライムブローカー消失と Herstatt Risk 解消",
    "aliases": [
      "fx-onchain",
      "stablecoin-final-boss",
      "herstatt-risk-elimination"
    ],
    "domain": "fintech",
    "type": null,
    "created": "2026-05-12",
    "last_updated": "2026-08-14",
    "last_tended": "2026-08-14",
    "review_by": "2027-02-10",
    "confidence": "likely",
    "tags": [
      "fintech",
      "stablecoin",
      "fx",
      "settlement-risk"
    ],
    "status": "confirmed",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "BIS Quarterly Review on FX settlement risk and Herstatt risk: https://www.bis.org/publ/qtrpdf/r_qt2606c.htm",
      "CLS ShapingFX material on FX settlement risk and PvP settlement: https://www.cls-group.com/insights/the-fx-ecosystem/fx-ecosystem-02-fx-settlement-risk-to-pvp-or-not-to-pvp-shapingfx-series/",
      "Public stablecoin / tokenized-deposit disclosures related to cross-border settlement."
    ]
  },
  "summary": "This entry sits under fintech index. Read it with 日本金融規制 — トークン・暗号資産・決済に関する法体系 for adjacent context and 日本 Stablecoin 法制度の三層構造（JPYC・USDC・Project Pax） for the broader system boundary.",
  "headings": [
    "為替 onchain 化はステーブルコイン領域の「ラスボス」 — プライムブローカー消失と Herstatt Risk 解消",
    "Wiki route",
    "Conclusion",
    "Reasoning",
    "Applicable When",
    "Source",
    "Related"
  ],
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      "fintech/japan-stablecoin-regulatory-landscape",
      "fintech/jp-stablecoin-progmat",
      "fintech/jpmorgan-jpmd-coin",
      "fintech/onchain-finance-vs-crypto-bifurcation",
      "fintech/stablecoin-crossborder-b2b-growth",
      "megabanks/mufg",
      "systems/cross-chain-five-pole-comparison-matrix"
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