JGB collateral is the largest repo pool in Asia and currently settles T+1 — real-time clearing lets dealers rehypothecate intraday instead of waiting for next-day unwinds. JSCC running with Mizuho and Nomura means permissioned ledger, likely Progmat or a Corda variant, so zero composability with Ondo or BUIDL. Japan's been quietly building tokenized rails (DCJPY, Progmat Coin) for years; JGB repo is where those rails stop being demos and start routing real yen flows.

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