Read the rest of the Pragma Tokyo poster before the Startale line. bitFlyer, Rakuten Wallet, Alpaca, Securitize, HashPort. Japan's exchanges, brokerages and token issuers, sitting on the same stage list as the Ethereum Foundation and ENS. That is not a developer crowd. That is a counterparty crowd. @StartaleGroup sending its Japan CEO into that room makes sense once you stop reading it as a conference and start reading it as a distribution problem. A trust bank yen stablecoin is worth very little until exchanges list it and brokerages settle with it. SBI gives Startale one distribution channel with real weight behind it. bitFlyer and Rakuten Wallet are the other channels, and both of them compete directly with SBI VC Trade. So the pitch on Saturday is unusually delicate. Convince firms to carry an instrument issued through a rival's trust bank and circulated by a rival's exchange arm. Japanese finance does eventually coordinate on shared rails, JPYC and the megabank project prove that, but nobody hands a competitor default settlement status out of politeness. There is also the part nobody on that stage can fix with a keynote. JPYSC launched confined to SBI VC Trade accounts, and I have seen no announcement that external wallets are open yet. Tezuka is selling a stablecoin most of that audience still cannot hold.