{
  "schema_version": "1.0",
  "index_id": "sog_access_regulation_index_pr346_v1",
  "status": "public_canonical_index",
  "generated_at": "2026-07-14",
  "checkpoint_id": "sog_evidence_archive_maintenance_batch_2_canonical_112_checkpoint_pr365_2026_07_14",
  "source_projection_id": "sog_comparison_projection_pr343_v1",
  "market_access_governance_id": "sog_market_access_governance_v1_pr341",
  "data_safety": {
    "canonical_only": true,
    "includes_unreviewed_candidates": false,
    "includes_internal_monitoring": false,
    "includes_editorial_research": false,
    "includes_private_notes": false,
    "includes_raw_source_discovery": false
  },
  "absence_semantics": {
    "no_regulatory_note_means_no_action": false,
    "no_market_access_record_means_unavailable": false,
    "unclassified_legal_profile_means_illegal": false,
    "unclassified_legal_profile_means_unregulated": false,
    "record_presence_is_risk_score": false,
    "record_count_is_risk_score": false
  },
  "single_composite_score": false,
  "risk_ranking": false,
  "asset_count": 112,
  "input_digest_sha256": "ac0bcd3a465f4bd6f3bd4cbdd3253fc47b03f52ab005dc0039bd7c427b19e4b7",
  "summary": {
    "asset_count": 112,
    "legal_profile_states": {
      "explicit_classification_present": 80,
      "unclassified_only": 32
    },
    "assets_with_regulatory_records": 5,
    "regulatory_record_count": 9,
    "assets_with_market_access_records": 2,
    "market_access_record_count": 8
  },
  "filters": [
    {
      "axis": "lifecycle_status",
      "values": [
        {
          "value": "active",
          "asset_count": 81
        },
        {
          "value": "restricted",
          "asset_count": 11
        },
        {
          "value": "collapsed",
          "asset_count": 6
        },
        {
          "value": "terminated",
          "asset_count": 3
        },
        {
          "value": "unknown",
          "asset_count": 3
        },
        {
          "value": "winding_down",
          "asset_count": 3
        },
        {
          "value": "inactive",
          "asset_count": 2
        },
        {
          "value": "migrated",
          "asset_count": 2
        },
        {
          "value": "rebranded",
          "asset_count": 1
        }
      ]
    },
    {
      "axis": "legal_profile_state",
      "values": [
        {
          "value": "explicit_classification_present",
          "asset_count": 80
        },
        {
          "value": "unclassified_only",
          "asset_count": 32
        }
      ]
    },
    {
      "axis": "legal_classification",
      "values": [
        {
          "value": "protocol_asset",
          "asset_count": 40
        },
        {
          "value": "unclassified",
          "asset_count": 32
        },
        {
          "value": "fiat_backed_stablecoin",
          "asset_count": 30
        },
        {
          "value": "e_money_token",
          "asset_count": 8
        },
        {
          "value": "fund_share",
          "asset_count": 1
        },
        {
          "value": "security_token",
          "asset_count": 1
        }
      ]
    },
    {
      "axis": "legal_jurisdiction",
      "values": [
        {
          "value": "Decentralized",
          "asset_count": 11
        },
        {
          "value": "United States",
          "asset_count": 4
        },
        {
          "value": "Singapore",
          "asset_count": 3
        },
        {
          "value": "United States / New York",
          "asset_count": 3
        },
        {
          "value": "Bermuda",
          "asset_count": 2
        },
        {
          "value": "British Virgin Islands",
          "asset_count": 2
        },
        {
          "value": "European Economic Area / Malta",
          "asset_count": 2
        },
        {
          "value": "Japan",
          "asset_count": 2
        },
        {
          "value": "United States / Paxos customer and jurisdiction scope",
          "asset_count": 2
        },
        {
          "value": "Australia",
          "asset_count": 1
        },
        {
          "value": "Brazil / Transfero group structure",
          "asset_count": 1
        },
        {
          "value": "British Virgin Islands / non-U.S. eligibility scope",
          "asset_count": 1
        },
        {
          "value": "British Virgin Islands / offering-dependent",
          "asset_count": 1
        },
        {
          "value": "Canada",
          "asset_count": 1
        },
        {
          "value": "Cardano",
          "asset_count": 1
        },
        {
          "value": "Cayman Islands / Bermuda",
          "asset_count": 1
        },
        {
          "value": "Decentralized / Abracadabra protocol-governed",
          "asset_count": 1
        },
        {
          "value": "Decentralized / Fei Protocol and Tribe DAO governance",
          "asset_count": 1
        },
        {
          "value": "Decentralized / Polkadot",
          "asset_count": 1
        },
        {
          "value": "Decentralized / protocol",
          "asset_count": 1
        },
        {
          "value": "Decentralized / protocol-governed",
          "asset_count": 1
        },
        {
          "value": "Decentralized / Sky Protocol governance",
          "asset_count": 1
        },
        {
          "value": "Decentralized / Solana",
          "asset_count": 1
        },
        {
          "value": "El Salvador / British Virgin Islands governing law",
          "asset_count": 1
        },
        {
          "value": "European Economic Area",
          "asset_count": 1
        },
        {
          "value": "European Economic Area / Iceland",
          "asset_count": 1
        },
        {
          "value": "European Union / France",
          "asset_count": 1
        },
        {
          "value": "European Union / Germany",
          "asset_count": 1
        },
        {
          "value": "European Union / Luxembourg",
          "asset_count": 1
        },
        {
          "value": "European Union / Netherlands",
          "asset_count": 1
        },
        {
          "value": "Finland / European Union",
          "asset_count": 1
        },
        {
          "value": "Indonesia",
          "asset_count": 1
        },
        {
          "value": "Isle of Man",
          "asset_count": 1
        },
        {
          "value": "Kujira",
          "asset_count": 1
        },
        {
          "value": "Liechtenstein",
          "asset_count": 1
        },
        {
          "value": "New Zealand",
          "asset_count": 1
        },
        {
          "value": "Philippines",
          "asset_count": 1
        },
        {
          "value": "Singapore-based Terraform Labs / United States enforcement context",
          "asset_count": 1
        },
        {
          "value": "South Africa",
          "asset_count": 1
        },
        {
          "value": "Turkey",
          "asset_count": 1
        },
        {
          "value": "United Arab Emirates",
          "asset_count": 1
        },
        {
          "value": "United States / historical Stable Universal issuer context",
          "asset_count": 1
        },
        {
          "value": "United States / Hyperliquid ecosystem",
          "asset_count": 1
        },
        {
          "value": "United States / non-EEA USDC terms scope",
          "asset_count": 1
        }
      ]
    },
    {
      "axis": "licensed_or_regulated_as",
      "values": [
        {
          "value": "MiCA electronic-money-token issuer",
          "asset_count": 6
        },
        {
          "value": "Malta Financial Institution",
          "asset_count": 2
        },
        {
          "value": "Paxos Trust Company, N.A. stablecoin issuance under OCC oversight context",
          "asset_count": 2
        },
        {
          "value": "BaFin-authorized electronic-money institution issuance",
          "asset_count": 1
        },
        {
          "value": "Bank Indonesia Payment Service Provider - License Category 1 group context",
          "asset_count": 1
        },
        {
          "value": "Bermuda digital-asset business issuer framework",
          "asset_count": 1
        },
        {
          "value": "BMA-regulated digital asset token administration",
          "asset_count": 1
        },
        {
          "value": "BSP Regulatory Sandbox PHPC pilot",
          "asset_count": 1
        },
        {
          "value": "BSP-regulated VASP and EMI platform context",
          "asset_count": 1
        },
        {
          "value": "CBUAE-regulated payment token",
          "asset_count": 1
        },
        {
          "value": "CIMA-licensed Cayman mutual fund interest",
          "asset_count": 1
        },
        {
          "value": "Dutch electronic money institution",
          "asset_count": 1
        },
        {
          "value": "Electronic Money Institution",
          "asset_count": 1
        },
        {
          "value": "European electronic money institution",
          "asset_count": 1
        },
        {
          "value": "federally chartered digital asset bank issued stablecoin",
          "asset_count": 1
        },
        {
          "value": "federally regulated bank-issued payment stablecoin",
          "asset_count": 1
        },
        {
          "value": "FINTRAC-compliant Canadian issuer context stated by Loon",
          "asset_count": 1
        },
        {
          "value": "Icelandic electronic money institution",
          "asset_count": 1
        },
        {
          "value": "issuer-backed payment stablecoin under migration",
          "asset_count": 1
        },
        {
          "value": "Japan funds transfer service provider registration No. 00099",
          "asset_count": 1
        },
        {
          "value": "Liechtenstein Blockchain Act token generator",
          "asset_count": 1
        },
        {
          "value": "Luxembourg credit institution",
          "asset_count": 1
        },
        {
          "value": "MiCA electronic-money token issuer",
          "asset_count": 1
        },
        {
          "value": "MiCAR electronic-money token",
          "asset_count": 1
        },
        {
          "value": "national bank issued payment stablecoin",
          "asset_count": 1
        },
        {
          "value": "New York limited purpose trust company",
          "asset_count": 1
        },
        {
          "value": "Paxos Digital Singapore Major Payment Institution supervised by the Monetary Authority of Singapore",
          "asset_count": 1
        },
        {
          "value": "Paxos Issuance Europe Electronic Money Institution supervised by the Finnish Financial Supervisory Authority",
          "asset_count": 1
        },
        {
          "value": "Paxos Trust issuer context under New York Department of Financial Services oversight",
          "asset_count": 1
        },
        {
          "value": "RLUSD issued through a New York State Department of Financial Services-chartered limited purpose trust",
          "asset_count": 1
        },
        {
          "value": "Some services provided as representative of Inves Capital (Pty) Ltd per current disclosure",
          "asset_count": 1
        },
        {
          "value": "South Dakota-chartered trust company issuer and licensed money-transmission infrastructure",
          "asset_count": 1
        },
        {
          "value": "Type 3 electronic payment instrument",
          "asset_count": 1
        },
        {
          "value": "U.S. state money-transmission and virtual-currency licensing context",
          "asset_count": 1
        },
        {
          "value": "ZARP Stablecoin CASP licence pending per current disclosure",
          "asset_count": 1
        }
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    {
      "axis": "regulatory_record_state",
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        {
          "value": "canonical_records_present",
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      ]
    },
    {
      "axis": "regulatory_note_type",
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          "value": "regulatory_action",
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        {
          "value": "banking_context",
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        },
        {
          "value": "exchange_notice",
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        },
        {
          "value": "issuer_operational_notice",
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        {
          "value": "issuer_regulatory_notice",
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        {
          "value": "post_collapse_lifecycle_context",
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        {
          "value": "protocol_lifecycle_context",
          "asset_count": 1
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        {
          "value": "reported_regulatory_followup",
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      ]
    },
    {
      "axis": "regulatory_jurisdiction",
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          "value": "United States",
          "asset_count": 4
        },
        {
          "value": "global",
          "asset_count": 3
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      ]
    },
    {
      "axis": "regulatory_authority_or_source",
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          "value": "Binance",
          "asset_count": 1
        },
        {
          "value": "Circle",
          "asset_count": 1
        },
        {
          "value": "Paxos",
          "asset_count": 1
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        {
          "value": "research_source",
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        {
          "value": "Reuters",
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        {
          "value": "Sky / MakerDAO ecosystem",
          "asset_count": 1
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        {
          "value": "U.S. CFTC",
          "asset_count": 1
        },
        {
          "value": "U.S. SEC",
          "asset_count": 1
        }
      ]
    },
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      "axis": "market_access_record_state",
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        {
          "value": "canonical_records_present",
          "asset_count": 2
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      ]
    },
    {
      "axis": "market_access_jurisdiction",
      "values": [
        {
          "value": "JP",
          "asset_count": 2
        }
      ]
    },
    {
      "axis": "market_access_function",
      "values": [
        {
          "value": "buy_sell",
          "asset_count": 2
        },
        {
          "value": "deposit",
          "asset_count": 2
        },
        {
          "value": "external_wallet_transfer",
          "asset_count": 2
        },
        {
          "value": "withdrawal",
          "asset_count": 2
        }
      ]
    },
    {
      "axis": "market_access_state",
      "values": [
        {
          "value": "available",
          "asset_count": 2
        },
        {
          "value": "restricted_network_scope",
          "asset_count": 2
        }
      ]
    },
    {
      "axis": "market_access_platform",
      "values": [
        {
          "value": "SBI VC Trade",
          "asset_count": 2
        }
      ]
    }
  ],
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      "asset_id": "sog_st_1gbp",
      "slug": "poundtoken",
      "name": "poundtoken",
      "symbol": "1GBP",
      "lifecycle_status": "unknown",
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          {
            "classification": "fiat_backed_stablecoin",
            "jurisdiction": "Isle of Man",
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            "effective_to": null,
            "authority_or_basis": "Historical poundtoken product metadata and verified Ethereum token identity",
            "confidence": "medium"
          }
        ],
        "holder_claim_type": "unknown",
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        "reserve_segregation": "unclear",
        "bankruptcy_remoteness": "unknown",
        "licensed_or_regulated_as": [],
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          "scored": true
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      },
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        "record_state": "no_canonical_record",
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          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_review_or_last_checked_date_only",
          "inherited_review_anchor": false
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      },
      "market_access": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
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          "state": "ready_with_unknowns",
          "scored": false
        },
        "freshness": {
          "state": "no_canonical_record",
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          "age_days": null,
          "date_semantics": "observation_date",
          "inherited_review_anchor": false
        }
      },
      "filter_tokens": {
        "lifecycle_status": [
          "unknown"
        ],
        "legal_profile_state": [
          "explicit_classification_present"
        ],
        "legal_classification": [
          "fiat_backed_stablecoin"
        ],
        "legal_jurisdiction": [
          "Isle of Man"
        ],
        "licensed_or_regulated_as": [],
        "regulatory_record_state": [
          "no_canonical_record"
        ],
        "regulatory_note_type": [],
        "regulatory_jurisdiction": [],
        "regulatory_authority_or_source": [],
        "market_access_record_state": [
          "no_canonical_record"
        ],
        "market_access_jurisdiction": [],
        "market_access_function": [],
        "market_access_state": [],
        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_acalaausd",
      "slug": "acala-ausd",
      "name": "Acala Dollar / aUSD Seed",
      "symbol": "aSEED",
      "lifecycle_status": "migrated",
      "legal": {
        "profile_state": "explicit_classification_present",
        "classifications": [
          {
            "classification": "protocol_asset",
            "jurisdiction": "Decentralized / Polkadot",
            "effective_from": "2022-02-10",
            "effective_to": null,
            "authority_or_basis": "Acala documentation and governance migration",
            "confidence": "high"
          }
        ],
        "holder_claim_type": "protocol_redemption_right",
        "reserve_ownership": "protocol_controlled",
        "reserve_segregation": "not_applicable",
        "bankruptcy_remoteness": "not_applicable",
        "licensed_or_regulated_as": [],
        "readiness": {
          "state": "ready",
          "scored": true
        },
        "freshness": {
          "state": "undated",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_legal_review_date_only",
          "inherited_review_anchor": false
        }
      },
      "regulatory": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
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          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_review_or_last_checked_date_only",
          "inherited_review_anchor": false
        }
      },
      "market_access": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": false
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "observation_date",
          "inherited_review_anchor": false
        }
      },
      "filter_tokens": {
        "lifecycle_status": [
          "migrated"
        ],
        "legal_profile_state": [
          "explicit_classification_present"
        ],
        "legal_classification": [
          "protocol_asset"
        ],
        "legal_jurisdiction": [
          "Decentralized / Polkadot"
        ],
        "licensed_or_regulated_as": [],
        "regulatory_record_state": [
          "no_canonical_record"
        ],
        "regulatory_note_type": [],
        "regulatory_jurisdiction": [],
        "regulatory_authority_or_source": [],
        "market_access_record_state": [
          "no_canonical_record"
        ],
        "market_access_jurisdiction": [],
        "market_access_function": [],
        "market_access_state": [],
        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_aecoin",
      "slug": "ae-coin",
      "name": "AE Coin",
      "symbol": "AEC",
      "lifecycle_status": "active",
      "legal": {
        "profile_state": "explicit_classification_present",
        "classifications": [
          {
            "classification": "fiat_backed_stablecoin",
            "jurisdiction": "United Arab Emirates",
            "effective_from": null,
            "effective_to": null,
            "authority_or_basis": "CBUAE payment-token authorization and issuer product documentation",
            "confidence": "medium"
          }
        ],
        "holder_claim_type": "direct_claim_on_issuer",
        "reserve_ownership": "issuer_owned_for_holders",
        "reserve_segregation": "unclear",
        "bankruptcy_remoteness": "unclear",
        "licensed_or_regulated_as": [
          "CBUAE-regulated payment token"
        ],
        "readiness": {
          "state": "ready",
          "scored": true
        },
        "freshness": {
          "state": "undated",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_legal_review_date_only",
          "inherited_review_anchor": false
        }
      },
      "regulatory": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_review_or_last_checked_date_only",
          "inherited_review_anchor": false
        }
      },
      "market_access": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": false
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "observation_date",
          "inherited_review_anchor": false
        }
      },
      "filter_tokens": {
        "lifecycle_status": [
          "active"
        ],
        "legal_profile_state": [
          "explicit_classification_present"
        ],
        "legal_classification": [
          "fiat_backed_stablecoin"
        ],
        "legal_jurisdiction": [
          "United Arab Emirates"
        ],
        "licensed_or_regulated_as": [
          "CBUAE-regulated payment token"
        ],
        "regulatory_record_state": [
          "no_canonical_record"
        ],
        "regulatory_note_type": [],
        "regulatory_jurisdiction": [],
        "regulatory_authority_or_source": [],
        "market_access_record_state": [
          "no_canonical_record"
        ],
        "market_access_jurisdiction": [],
        "market_access_function": [],
        "market_access_state": [],
        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_agoraausd",
      "slug": "agora-ausd",
      "name": "Agora Dollar",
      "symbol": "AUSD",
      "lifecycle_status": "active",
      "legal": {
        "profile_state": "unclassified_only",
        "classifications": [
          {
            "classification": "unclassified",
            "jurisdiction": "Bermuda",
            "effective_from": null,
            "effective_to": null,
            "authority_or_basis": null,
            "confidence": null
          }
        ],
        "holder_claim_type": "direct_claim_on_issuer",
        "reserve_ownership": "issuer_owned_for_holders",
        "reserve_segregation": "stated_segregated",
        "bankruptcy_remoteness": "stated",
        "licensed_or_regulated_as": [
          "Bermuda digital-asset business issuer framework"
        ],
        "readiness": {
          "state": "ready",
          "scored": true
        },
        "freshness": {
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        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_usd1",
      "slug": "usd1",
      "name": "World Liberty Financial USD",
      "symbol": "USD1",
      "lifecycle_status": "active",
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        "classifications": [
          {
            "classification": "unclassified",
            "jurisdiction": "United States",
            "effective_from": null,
            "effective_to": null,
            "authority_or_basis": null,
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          }
        ],
        "holder_claim_type": "direct_claim_on_issuer",
        "reserve_ownership": "trust_or_custodial",
        "reserve_segregation": "stated_segregated",
        "bankruptcy_remoteness": "unclear",
        "licensed_or_regulated_as": [
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        ],
        "readiness": {
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          "scored": true
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        }
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          "inherited_review_anchor": false
        }
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      }
    },
    {
      "asset_id": "sog_st_usd3",
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      "name": "Web 3 Dollar",
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            "classification": "protocol_asset",
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          }
        ],
        "holder_claim_type": "protocol_redemption_right",
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        },
        "freshness": {
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        }
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        },
        "freshness": {
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        }
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        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_usda",
      "slug": "avalon-usda",
      "name": "Avalon USDa",
      "symbol": "USDa",
      "lifecycle_status": "active",
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        "profile_state": "explicit_classification_present",
        "classifications": [
          {
            "classification": "protocol_asset",
            "jurisdiction": null,
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            "confidence": null
          }
        ],
        "holder_claim_type": "protocol_redemption_right",
        "reserve_ownership": "protocol_controlled",
        "reserve_segregation": "not_applicable",
        "bankruptcy_remoteness": "not_applicable",
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        "readiness": {
          "state": "ready_with_unknowns",
          "scored": true
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        "freshness": {
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          "age_days": null,
          "date_semantics": "explicit_legal_review_date_only",
          "inherited_review_anchor": false
        }
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        "record_count": 0,
        "records": [],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_review_or_last_checked_date_only",
          "inherited_review_anchor": false
        }
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      "market_access": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
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          "scored": false
        },
        "freshness": {
          "state": "no_canonical_record",
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          "age_days": null,
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        }
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        ],
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        "market_access_platform": []
      }
    },
    {
      "asset_id": "sog_st_usdb",
      "slug": "blast-usdb",
      "name": "USDB",
      "symbol": "USDB",
      "lifecycle_status": "active",
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        "profile_state": "explicit_classification_present",
        "classifications": [
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            "classification": "protocol_asset",
            "jurisdiction": "Decentralized / protocol",
            "effective_from": "2024-02-29",
            "effective_to": null,
            "authority_or_basis": "Official Blast protocol, bridge, and contract documentation",
            "confidence": "high"
          }
        ],
        "holder_claim_type": "protocol_redemption_right",
        "reserve_ownership": "protocol_controlled",
        "reserve_segregation": "unclear",
        "bankruptcy_remoteness": "not_established",
        "licensed_or_regulated_as": [],
        "readiness": {
          "state": "ready",
          "scored": true
        },
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          "state": "undated",
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          "inherited_review_anchor": false
        }
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        }
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        },
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        }
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          "explicit_classification_present"
        ],
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        ],
        "legal_jurisdiction": [
          "Decentralized / protocol"
        ],
        "licensed_or_regulated_as": [],
        "regulatory_record_state": [
          "no_canonical_record"
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        "regulatory_note_type": [],
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        ],
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      }
    },
    {
      "asset_id": "sog_st_usdc",
      "slug": "usdc",
      "name": "USD Coin",
      "symbol": "USDC",
      "lifecycle_status": "active",
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        "profile_state": "explicit_classification_present",
        "classifications": [
          {
            "classification": "fiat_backed_stablecoin",
            "jurisdiction": "United States / non-EEA USDC terms scope",
            "effective_from": null,
            "effective_to": null,
            "authority_or_basis": "Circle USDC Terms",
            "confidence": "high"
          }
        ],
        "holder_claim_type": "direct_claim_on_issuer",
        "reserve_ownership": "issuer_owned_for_holders",
        "reserve_segregation": "stated_segregated",
        "bankruptcy_remoteness": "unknown",
        "licensed_or_regulated_as": [
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          "scored": true
        },
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          "state": "undated",
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        }
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            "id": "sog_reg_usdc_svb_2023_banking_context",
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            "authority_or_source": "Circle",
            "summary": "Circle disclosed USDC reserve exposure to Silicon Valley Bank during the March 2023 banking crisis. SOG records this as banking/regulatory context connected to the recovered USDC depeg event."
          },
          {
            "id": "sog_reg_usdc_2023_reopening_context",
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            "authority_or_source": "Circle",
            "summary": "Circle stated that USDC operations would open for business after U.S. federal banking actions during the March 2023 banking weekend. SOG records this as recovery context connected to the recovered depeg event."
          }
        ],
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            "id": "sog_ma_usdc_jp_sbivc_vctrade_buy_sell_20250326",
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              "country_code": "JP",
              "subdivision_code": null
            },
            "platform": {
              "name": "SBI VC Trade",
              "service": "VCTRADE"
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            "function": "buy_sell",
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              "kind": "specific_networks",
              "network_ids": [
                "ethereum"
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              "note": "The reviewed launch-stage USDC service used the Ethereum network."
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            "customer_scope": {
              "kind": "mixed_or_platform_defined",
              "note": "Limited to customers accepted by SBI VC Trade under its account, jurisdiction, eligibility, and compliance rules."
            },
            "conditions": [
              {
                "type": "transaction_limit",
                "description": "SBI VC Trade announced a JPY 1 million-equivalent limit per buy/sell transaction at the reviewed launch stage."
              },
              {
                "type": "service_condition",
                "description": "Availability and execution remain subject to SBI VC Trade service terms, maintenance, compliance checks, and platform controls."
              }
            ]
          },
          {
            "id": "sog_ma_usdc_jp_sbivc_vctrade_deposit_20250326",
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              "country_code": "JP",
              "subdivision_code": null
            },
            "platform": {
              "name": "SBI VC Trade",
              "service": "VCTRADE"
            },
            "function": "deposit",
            "access_state": "available",
            "effective_from": "2025-03-26",
            "effective_to": null,
            "observed_at": "2026-07-10",
            "network_scope": {
              "kind": "specific_networks",
              "network_ids": [
                "ethereum"
              ],
              "note": "At the reviewed launch stage, SBI VC Trade accepted USDC deposits only on Ethereum."
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              "kind": "mixed_or_platform_defined",
              "note": "Limited to customers accepted by SBI VC Trade under its account, jurisdiction, eligibility, and compliance rules."
            },
            "conditions": [
              {
                "type": "network_support",
                "description": "Only Ethereum-network USDC was accepted at the reviewed launch stage."
              },
              {
                "type": "service_condition",
                "description": "Deposits above the announced threshold could require additional time before account reflection, and deposit reflection could be paused under stated platform conditions."
              }
            ]
          },
          {
            "id": "sog_ma_usdc_jp_sbivc_vctrade_external_wallet_transfer_20250326",
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              "country_code": "JP",
              "subdivision_code": null
            },
            "platform": {
              "name": "SBI VC Trade",
              "service": "VCTRADE"
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            "function": "external_wallet_transfer",
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            "effective_from": "2025-03-26",
            "effective_to": null,
            "observed_at": "2026-07-10",
            "network_scope": {
              "kind": "specific_networks",
              "network_ids": [
                "ethereum"
              ],
              "note": "External USDC transfer through the reviewed withdrawal route was limited to Ethereum."
            },
            "customer_scope": {
              "kind": "mixed_or_platform_defined",
              "note": "Limited to customers accepted by SBI VC Trade under its account, jurisdiction, eligibility, and compliance rules."
            },
            "conditions": [
              {
                "type": "network_support",
                "description": "External transfer was available through the withdrawal route only on Ethereum at the reviewed launch stage."
              },
              {
                "type": "withdrawal_limit",
                "description": "The reviewed external transfer route inherited the announced JPY 1 million-equivalent per-withdrawal limit."
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            ]
          },
          {
            "id": "sog_ma_usdc_jp_sbivc_vctrade_withdrawal_20250326",
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              "country_code": "JP",
              "subdivision_code": null
            },
            "platform": {
              "name": "SBI VC Trade",
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            "function": "withdrawal",
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              "kind": "specific_networks",
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                "ethereum"
              ],
              "note": "At the reviewed launch stage, SBI VC Trade supported USDC withdrawal only on Ethereum."
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              "kind": "mixed_or_platform_defined",
              "note": "Limited to customers accepted by SBI VC Trade under its account, jurisdiction, eligibility, and compliance rules."
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            "conditions": [
              {
                "type": "withdrawal_limit",
                "description": "SBI VC Trade announced a JPY 1 million-equivalent limit per withdrawal at the reviewed launch stage."
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              {
                "type": "network_support",
                "description": "Only Ethereum-network USDC withdrawal was supported at the reviewed launch stage."
              },
              {
                "type": "service_condition",
                "description": "Withdrawal processing time and availability remain subject to SBI VC Trade service controls and maintenance."
              }
            ]
          }
        ],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": false
        },
        "freshness": {
          "state": "fresh",
          "anchor_date": "2026-07-10",
          "age_days": 4,
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          "inherited_review_anchor": false
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      },
      "filter_tokens": {
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          "active"
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        "legal_profile_state": [
          "explicit_classification_present"
        ],
        "legal_classification": [
          "fiat_backed_stablecoin"
        ],
        "legal_jurisdiction": [
          "United States / non-EEA USDC terms scope"
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        "licensed_or_regulated_as": [
          "U.S. state money-transmission and virtual-currency licensing context"
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          "canonical_records_present"
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          "banking_context",
          "issuer_operational_notice"
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        "regulatory_jurisdiction": [
          "United States"
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        "regulatory_authority_or_source": [
          "Circle"
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        "market_access_record_state": [
          "canonical_records_present"
        ],
        "market_access_jurisdiction": [
          "JP"
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        "market_access_function": [
          "buy_sell",
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          "external_wallet_transfer",
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          "available",
          "restricted_network_scope"
        ],
        "market_access_platform": [
          "SBI VC Trade"
        ]
      }
    },
    {
      "asset_id": "sog_st_usdd",
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      "name": "USDD",
      "symbol": "USDD",
      "lifecycle_status": "active",
      "legal": {
        "profile_state": "unclassified_only",
        "classifications": [
          {
            "classification": "unclassified",
            "jurisdiction": null,
            "effective_from": null,
            "effective_to": null,
            "authority_or_basis": null,
            "confidence": null
          }
        ],
        "holder_claim_type": "unknown",
        "reserve_ownership": "unknown",
        "reserve_segregation": "unknown",
        "bankruptcy_remoteness": "unknown",
        "licensed_or_regulated_as": [],
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          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "undated",
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          "age_days": null,
          "date_semantics": "explicit_legal_review_date_only",
          "inherited_review_anchor": false
        }
      },
      "regulatory": {
        "record_state": "no_canonical_record",
        "record_count": 0,
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          "state": "ready_with_unknowns",
          "scored": true
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "explicit_review_or_last_checked_date_only",
          "inherited_review_anchor": false
        }
      },
      "market_access": {
        "record_state": "no_canonical_record",
        "record_count": 0,
        "records": [],
        "readiness": {
          "state": "ready_with_unknowns",
          "scored": false
        },
        "freshness": {
          "state": "no_canonical_record",
          "anchor_date": null,
          "age_days": null,
          "date_semantics": "observation_date",
          "inherited_review_anchor": false
        }
      },
      "filter_tokens": {
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          "active"
        ],
        "legal_profile_state": [
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        "legal_classification": [
          "unclassified"
        ],
        "legal_jurisdiction": [],
        "licensed_or_regulated_as": [],
        "regulatory_record_state": [
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        ],
        "regulatory_note_type": [],
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