Taxpayers with a total value of specified foreign financial assets below a certain threshold do not have to file Form 8938
From https://www.irs.gov/Businesses/Corporations/Do-I-need-to-fil...
You must file Form 8938 if: 1. You are a specified individual. tick! 2. You have an interest in specified foreign financial assets required to be reported. tick! 3. The aggregate value of your specified foreign financial assets is more than the reporting thresholds that applies to you: If you are a taxpayer living abroad you must file if: You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year
For once, the IRS pages on this topic seems pretty clear.