On the same day, two policy developments moved in opposite directions on either side of the Pacific. On the US side, according to a Tokenpost briefing citing PANews, President Trump signed an executive order directing the federal government, financial regulators, and the Federal Reserve to review barriers preventing fintech and crypto companies from accessing payment accounts and banking services — within 3 to 6 months. The goal is to ease the widely documented “de-banking” problem of the past few years. On the Japan side, the Financial Services Agency (FSA) published an amendment to the Payment Services Act that brings foreign trust-beneficiary-interest stablecoins into the “electronic payment instruments” regulatory framework. The briefing cited a June 1 effective date, but the precise date and final text should be verified against official FSA announcements.
One important caveat: the core facts in this article are drawn from Tokenpost’s secondary reporting. As of publication, we have not independently located the official White House order number or the FSA amendment notice number on their respective official websites, so we do not cite specific reference numbers here — to avoid fabricating details. Readers with compliance decision-making needs are advised to verify directly on the White House Presidential Actions page and the FSA announcements page.
Editorial Analysis: Practical Impact on USDT Virtual Card Users
These two news items may appear to belong separately to the US and Japan, but the impact pathways for USDT virtual card holders differ considerably.
The US executive order most directly affects cards that rely on US-based bank settlement chains. The clearest examples are Coinbase Card and MetaMask Card, whose settlement depends on US-domiciled Visa/Mastercard issuing banks. Over the past two years, amid pressure widely attributed to “Operation Chokepoint 2.0,” some smaller crypto companies had bank accounts closed or new account applications rejected, directly affecting the stability of second-tier card providers. If the executive order leads regulators to publish clearer “crypto company banking access guidelines” within 3-6 months, the editorial view is that this is a medium-to-long-term positive signal for such cards — but the executive order itself carries no enforcement power, and no card’s fees or limits will change immediately within the next 90 days.
The FSA amendment has a narrower but more specific scope. It brings foreign trust-type stablecoins (typical examples include certain issuance structures of USDC and PYUSD) under the Payment Services Act regulatory framework. USDT does not currently use a trust-type structure, so the amendment has limited direct impact on users who primarily top up with USDT on cards such as MPCard. However, users of multi-currency-support cards like Bybit Card and RedotPay should watch whether issuers add extra compliance steps for USDC top-ups from Japanese IPs over the next 30-90 days.
Asia-Pacific-routed cards (MPCard Asia Elite variants, Bybit Card, etc.) require no action in the short term. Their issuing BINs are not in the United States, their settlement paths do not depend on US banking access, and their primary top-up currency is USDT rather than trust-type USDC — so the FSA’s new rules do not directly apply either.
Historical Comparison: What Is Similar to 2023 and 2024, and What Is Different
Placing this alongside past comparable policy developments reveals a few useful reference points.
After the March 2023 USDC brief depeg, the FSA first brought stablecoins into the Payment Services Act framework, primarily addressing domestically issued structures at the time. The May 2026 amendment now extends that to “foreign trust-type” stablecoins — an extension of the same legislative path, not a change in direction — so the expected market impact is far smaller than in 2023.
During the 2024 US SEC vs. Coinbase litigation, reports of US-based crypto companies being denied bank accounts increased noticeably. The direction of this executive order is clearly the reverse of 2024’s trajectory — shifting from suppression to clearing away barriers. A note of caution, however: executive orders are policy statements, and what the 3-6 month process may actually produce is a “report” rather than concrete regulatory rules.
Compared with the MiCAR implementation timeline in the EU: the EU took roughly 18 months from legislation to stablecoin provisions taking effect. Japan’s FSA amendment, if the briefing’s timeline is accurate, would go from publication to effect in just a few weeks — because it is fundamentally an extended definition within an existing framework, not new legislation.
Regulatory and Compliance Boundaries: Where the Grey Areas Currently Lie
Cross-referencing the current framework in the Japan compliance guide:
- Clearly permitted: Using licensed exchanges in Japan (such as bitFlyer, Coincheck) for JPY on/off-ramps to USDT, then using that USDT on a card for which the issuer has completed KYC.
- Newly regulated: From the amendment’s effective date, the domestic distribution and exchange of foreign trust-type stablecoins (USDC, etc.) will require an electronic payment instruments operator license.
- Grey area: Overseas-issued cards held by Japanese residents through non-Japanese KYC pathways (e.g., cards with Hong Kong, Macao, or Southeast Asian BINs) used for domestic consumption in Japan — this is not directly covered by the FSA, but issuers may proactively adjust their regional strategies.
On the US side, the US compliance guide notes that the traditional issues are IRS tax reporting and state-level MTL licensing — this executive order changes neither of those, and is primarily focused on improving crypto companies’ own bank account access.
Key Milestones to Watch Going Forward
- June 2026: The FSA amendment’s anticipated effective window. Watch for whether foreign stablecoin issuers such as Circle and Paxos publish Japan-market compliance announcements.
- August–November 2026: The 3-6 month review report window mandated by Trump’s executive order. Watch for whether the Federal Reserve, OCC, or FDIC issue specific “crypto company bank account guidelines.”
- Next FSA monthly announcement: If the June 1 date in the briefing is accurate, the FSA should publish a final notice before the end of May.
- US-region issuer bank partnership disclosures: If Coinbase Card or Crypto.com Visa announce new US banking partnerships in future earnings reports or press releases, that is a leading indicator that the executive order is producing real-world effects.
Editorial Recommendations
- Users holding MPCard Asia-Pacific-routed variants: No action required. Neither policy development affects USDT cards settled through Asia-Pacific routes.
- Japanese residents holding multi-currency cards such as Bybit Card and RedotPay: Monitor in-app announcements around June 1, particularly for any new regional restrictions on USDC top-ups.
- Users planning to apply for a US-domiciled card: Consider waiting 60-90 days until the actual regulatory details from the executive order are published before deciding. Applying now is not inherently risky, but the odds are that clearer signals on fees and service stability will emerge within 90 days.
- Do not make any large-scale “front-running” top-ups or concentrated spending based on these two news items. Both policies are procedural adjustments; neither signals that any “window is closing.”
This site does not conduct independent on-chain testing. All policy facts in this article are sourced from the FSA, the White House, and PANews/Tokenpost announcements. For compliance decisions, please treat official primary sources as the final authority.