Stir together ¼ cup sweet rice flour and ¼ cup whole milk in a microwave safe bowl. Heat in the microwave for 60-90 seconds in intervals of 20 seconds. Stir contents together between each interval. The resulting mixture should come together to form a white sticky dough. Let cool for about 3 minutes. Transfer dough to the bowl of a stand mixer.
In a medium bowl, combine remaining ½ cup milk, vanilla, egg, and butter. Add to stand mixer. Using a paddle attachment, mix on low speed.
In another bowl, whisk together remaining sweet rice flour, sugar, matcha powder, baking powder, and salt. Add to mixing bowl and continue to mix on low speed until combine. Increase speed to medium and mix until smooth. Dough will be thick and sticky.
Divide dough into ¼ cup portions. Preheat waffle iron/griddle to medium-high. Lightly coat waffle iron with non-stick spray. Add portioned dough and firmly close lid. Cook for 6 minutes. When you open the griddle, the waffles will feel soft. Remove and transfer to a wire rack to cool. Let cool for one minute. During this time the waffle will stiffen and crisp up. Repeat with remaining dough.
Eat immediately while waffle is still warm. The exterior will be crisp while the inside will be chewy like mochi.
To assemble: stack waffles, add a scoop of ice cream (vanilla or matcha!), a drizzle of caramel sauce, generously add sprinkles, and top with a cherry.