The post USDC Goes Big: Circle Becomes First Approved Stablecoin in Japan & Partners With SBI To Launch on March 26! appeared first on Coinpedia Fintech News
Circle, the issuer of the USDC stablecoin, has made history by becoming the first and only stablecoin approved for use in Japan. With this green light, Circle is set to launch USDC in Japan on March 26 through a strategic partnership with SBI Holdings.
Meanwhile, the move is expected to open major opportunities in trading, payments, cross-border finance, foreign exchange, and more.
Circle Expands USDC Operations in Japan
In a recent tweet post Circle’s CEO, Jeremy Allaire, revealed that the company spent over two years working with Japanese regulators and financial firms to secure approval.
As part of its entry into the Japanese market, Circle has launched new operations and formed a strategic joint venture (JV) with SBI Holdings, one of Japan’s top financial firms. As part of this partnership, SBI VC Trade, a subsidiary of SBI Holdings, will soon introduce USDC to Japanese users.
This comes after SBI VC Trade made history on March 4 by becoming the first platform to receive regulatory approval to list USDC under Japan’s Financial Services Agency’s stablecoin framework.
Circle also plans to expand further by listing USDC on Binance Japan, bitbank, and bitFlyer soon. This is a big move for Circle as it brings USDC to new markets beyond the traditional ones.
Other major exchanges in Japan are expected to follow, strengthening USDC’s presence in the region.
Japan Leads in Stablecoin Adoption
Japan has been a leader in Web3 and blockchain adoption, setting clear regulations for stablecoins in its financial system. This strong regulatory framework is now paving the way for stablecoins like USDC to thrive in the country.
SBI Holdings’ CEO, Yoshitaka Kitao, believes this move will improve financial access and boost digital asset growth in Japan. He stated that it aligns with their vision for the future of payments and blockchain finance.
Japan has been cautious about digital assets due to past incidents like the Mt. Gox collapse. However, with better regulations in place, stablecoins like USDC are now seen as a safe option for both individuals and businesses.
Unlocking New Financial Opportunities
With USDC now approved in Japan, the stablecoin’s use is expected to go beyond just cryptocurrency trading. This approval makes Circle a top player in stablecoins, helping bring digital dollars to more people worldwide.
As of now, USDC stablecoin has a market cap of almost $60 billion.