| Japan | United States | China | |
|---|---|---|---|
| Strategy | Own the payment rail (stablecoin) | Re-arm the existing rail (Compute Dollar) | Force efficiency, exit rule-taking |
| Mechanism | Megabank-issued yen stablecoin | GENIUS Act reserve requirement | Anti-involution industrial consolidation |
| Who pays | Aging smaller suppliers, retiring artisans | Global stablecoin users (indirectly) | Young job-seekers, small EV makers |