SBI Group to Launch USDC Stablecoin in Japan on March 26, Circle Confirms
Stablecoin issuer Circle is set to launch full-scale USDC access in Japan through local partnerships on March 26. Japanese financial conglomerate SBI Group will launch USDC, which will first be listed on the SBI VC Trade crypto exchange.
SBI VC Trade recently received a regulatory nod to enable handling stablecoin listings in Japan. The approval made USDC the first and only global dollar stablecoin approved for use in the country.
According to CoinGecko data, USDC remains the second-largest stablecoin by market cap, following Tether in the lead. The stablecoin’s market cap currently stands at $59.7 billion.
Besides, Circle is also planning to list the stablecoin on major crypto exchanges, including Binance Japan, bitbank, and bitFlyer.
As previously reported, SBI VC Trade began a trial phase for USDC rollout to select users, starting March 12.
Circle’s USDC Launch Aims to Drive Web3 Adoption in Japan
Circle and SBI Holdings partnership will help foster “Web3 proliferation for the Japan market,” the company statement read.
“We have spent 2+ years engaging with Japan’s regulators, major industry players, strategic partners, banking partners and others to enable USDC for the Japanese market,” wrote Jeremy Allaire, CEO of Circle, on X.
He further said that the USDC launch would unlock “tremendous opportunities” not only in digital assets trading but broadly in “payments, cross-border finance and commerce, FX and more.”
Yoshitaka Kitao, CEO of SBI Holdings, said that the initiative “will enhance financial accessibility and drive crypto innovation” in Japan.
Japan’s Stance on Stablecoins After Regulatory Reforms
In 2023, Japan lifted the ban on foreign stablecoins, paving the way for firms like SBI to expand their offerings.
In February, Japan’s regulator – Financial Services Agency (FSA) – approved policy recommendations to relax stablecoin regulations further.
FSA Commissioner Hideki told local news outlet Nikkei that stablecoins could enhance financial services by improving remittance and settlement processes.
“Stablecoins are used soundly for the sophistication of remittance and settlement. I hope it will be done,” he said.
Apart from Circle, SBI VC Trade and its parent firm have established partnerships with major U.S. exchanges such as Ripple.