just now
Circle Internet Group, Inc. has announced significant steps to deepen its presence in Japan through its local entity, Circle Japan KK, and strategic partnerships aimed at driving adoption of its USD Coin (USDC) stablecoin in the country.
The financial technology company revealed that Japanese financial conglomerate SBI Holdings will launch USDC through its cryptocurrency exchange subsidiary, SBI VC Trade, on 26 March. Additionally, leading exchanges Binance Japan, bitbank and bitFlyer have committed to listing and distributing USDC in the near future.
This development follows SBI VC Trade's regulatory approval from the Japan Financial Services Agency on 4 March to introduce USDC under the country's stablecoin regulatory framework, making it the first and only global dollar stablecoin approved for use in Japan.
"Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan's regulatory leadership has similarly been out in front on clear rules for the use of stablecoins in the Japan financial system," said Jeremy Allaire, Co-founder and CEO of Circle. "We are honoured to bring USDC to businesses and consumers in the market, and with Circle Japan KK and the strong support of SBI Holdings and leading exchanges, USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan's evolving digital economy."
The partnership between Circle and SBI Holdings began in 2023, combining USDC distribution, banking and Web3 technology for the Japanese market. Through this collaboration, Circle aims to establish USDC's market presence and liquidity in Japan while enhancing market infrastructure for digital finance.
Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, commented: "SBI Holdings is proud to play a key role in expanding USDC adoption in Japan, a move that enhances digital asset accessibility and promotes financial innovation. We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan."
USDC is as a fully-reserved digital dollar backed 100% by highly liquid cash and cash-equivalent assets, redeemable 1:1 for US dollars. The stablecoin's reserves are held at regulated financial institutions with published third-party monthly attestations to provide transparency for businesses and users.
