Launching the 'On-Chain Finance Practitioner's Notes' Series (10 Parts Total)
"Stablecoins and Tokenized Deposits: What exactly should we be doing?"—This series is launched to answer that question. The series, which began with proposals for the LDP's Basic Policies, has covered "what is happening." From here on, it is about "how you will act" and "how your company will act." Over the course of 10 issues, each issue will include checklists and structural diagrams that can be used directly in the field, addressing the bottlenecks in practical work one by one.
Issue 1: 20 Design Issues for Tokenized Deposit (TD) Interoperability—What happens the moment it crosses banks?
TDs that stay within a single bank are simple. What is difficult is the moment a TD from Bank A passes to a customer of Bank B.
Table of Contents: Comparison of 3 Interoperability Methods (Common Infrastructure/Interconnection/Bridge) → Synchronization with Interbank Settlement (PvP/DvP) → Finality in Case of Failure → Fees and Governance → Checklist of 20 Issues
Appendix: Checklist of 20 Issues (Excel distribution)
Issue 2: Tokenization of BOJ Current Account Deposits: 3 Design Scenarios and Impact on Accounting Systems
The homework of "sorting out the issues within the year" will result in three different forms of answers. Depending on which one is chosen, the bank's investment amount will change by an order of magnitude.
Table of Contents: Structural Comparison of Scenario A (BOJ-NET Extension)/B (Parallel Ledger)/C (Integrated Ledger Type) → Impact of each scenario on accounting systems and liquidity management → Implications from overseas central banks (Agorá/Pontes, etc.) → Calendar of publications to watch
Appendix: Impact Matrix by Scenario
Issue 3: Connection Strategy in the New Settlement System Era—Interfaces to Prepare Now
Organizations that wait for the specifications of the new settlement infrastructure to move will be two years behind the moment the specifications are released. *Written as a general theory based only on public information.
Table of Contents: Direction read from public documents → Scope of advance work on ISO 20022 compliance → Preparation items by connection pattern (Banks/Fund Transfer Service Providers/Corporate Entities) → Decision criteria for "waiting" vs. "moving ahead"
Appendix: Connection Preparation Self-Assessment Table
Issue 4: AML/CFT Posture Building Checklist 50 for Stablecoins/Tokenized Deposits
The complete version of the 5th On-Chain Finance Note. We will break down the 50 practical items between "complying with regulations" and "building a posture," categorized by SC/TD.
Table of Contents: Organization/Regulations → KYC/Holder Management → Transaction Monitoring → Travel Rule Implementation → Freezing/Authority Response
Appendix: Checklist 50 (Excel with SC/TD columns)
Issue 5: Latest Trends and Comparison Axes for Financial Blockchains
With the theme of "changing infrastructure selection from religious debate to requirements definition," we will cover three landscape changes in 2026 (collapse of the permissioned vs. public dichotomy / end of the single common infrastructure illusion / privacy becoming the main battlefield). The paid section will include an 8-axis comparison: 3 types of authority models, privacy models (Corda's peer-to-peer sharing, Canton's sub-transaction confidentiality, Avalanche's L1 separation + SETTL's "commercial secrets + selective auditability," public L2), finality, EVM talent procurement, interoperability ("the biggest risk is choosing an infrastructure that cannot connect"), supplier risk, classification of track records, and Japanese context (dependence on current account deposit scenarios, FISC explainability).
Appendix: 8-axis x 6-infrastructure comparison matrix + requirements reverse-lookup worksheet (Excel)
Issue 6: Practical ISO 20022 Migration—Designing an Escape from the World of Fixed-Length
Honestly, the topic of message formats is dull. However, tokenized deposits, stablecoins, and agent settlements all ultimately flow over this "language."
Table of Contents: What are the limits of fixed-length messages? → Structure of pacs messages → Coexistence design during the transition period (pitfalls of conversion) → How to use and discipline extended fields
Appendix: List of migration consideration issues
Issue 7: Scheme Breakdown of Tokenized Accounts Receivable Collateral Lending—On-Chain ABL/SCF
This theme, which was included in the proposal as a new PIP project, will be the first real-world example of "connecting finance and commercial flows."
Table of Contents: Practical issues of conventional ABL/SCF → What changes with tokenization (verification/perfection/monitoring) → Structure when executing loans with TD/SC → Revenue opportunities by participating player
Appendix: Scheme structure diagram
Issue 8: Agent Settlement x Japanese Law—Can the AP2 Mandate be "Delegation"?
We will organize the legal issues of the era where agents pay, as a map of issues. *Legal judgments are based on the premise of confirmation by lawyers.
Table of Contents: Legal nature of the AP2 3-mandate structure → Connection with agency/delegation under the Civil Code → Organization under the Payment Services Act/Installment Sales Act → Responsibility distribution in unauthorized transactions → Implications for domestic implementation
Appendix: Issue map (single-page diagram)
Issue 9: Introduction to x402/MPP Implementation for Japanese Banks—How to Build an In-House PoC Environment
The shortest PoC design document for development teams told to "verify agent settlement."
Table of Contents: Protocol structure of x402 → Verification environment construction procedure (testnet) → Implementation points of settlement flow → Design of PoC evaluation items → How to present to management
Appendix: PoC plan template
Issue 10: Overview of Overseas Examples of Tokenized Deposits
4 types—
① Single-bank type (Kinexys's billions of dollars a day, over $1.5 trillion cumulative; Citi's 24-hour dollar clearing integration; HSBC; BNY), ② Interbank joint network type (Partior's commercial operation in USD, EUR, SGD; The Clearing House's announcement of a bank-shared TD clearing network (June 2026); US regional bank alliance), ③ Wholesale settlement infrastructure type (Fnality = the first regulated DLT wholesale settlement system operating in the UK; legal designation of settlement finality; "private sector version of Issue 2 Scenario B"), ④ Public chain deployment type (US major bank's deposit token L2 operation = proof of "infrastructure is public, assets are controlled"). Each type corresponds to the concepts of the series (Issue 1 method theory, Issue 2 scenario, Issue 5 authority model).
Appendix: Overview matrix of 9 cases x 7 columns + 4-type organization sheet (EXCEL)
Note: The above contents and appendices are assumptions at this time. If there are any corrections, the contents of each issue will be changed. I will strive to write the contents of each issue using only public information and generalized practical knowledge, but I do not guarantee the contents for the future. Please be careful about the facts when using them.
https://note.com/tokenization_fin/n/nc46faf20e16a
