- Japan approves Circle’s USDC launch after a two-year regulatory process with SBI Holdings.
- Circle partners with SBI Holdings to launch USDC, expanding in Japan’s finance market.
- Japan’s stablecoin regulations boost USDC’s market presence and blockchain adoption.
Taking an innovative step, Japan has approved the launch of Circle’s USDC following the firm’s partnership with SBI Holdings. The approval is a major step for Circle, paving the way for the stablecoin’s use in various sectors, including trading, payments, and finance. The coin will be in use from March 26.
In an official announcement, Jeremy Allaire, the CEO of Circle, disclosed that Circle worked with Japanese regulators and financial firms for more than two years and steps have been taken to satisfy Japan’s rigorous regulatory measures. He further stated that with the launch, market infrastructure will be enhanced thereby supporting businesses and institutions.
Circle Partners with SBI Holdings
Partnering with Japanese-based SBI Holdings, Circle launched the first stablecoin in Japan. Through SBI VC Trade Ltd, a subsidiary of SBI Holdings, Japanese users will soon be able to access and use the USDC, thus increasing its adoption.
On March 4, SBI VC Trade achieved a special milestone as it became the first trading venue in Japan to obtain approval to list USDC. This approval was given under the framework of stablecoins in Japan by the Financial Services Agency.
Circle is also in the process of diversification in the future, particularly in Japan. The company plans to list the USDC in major exchanges including Binance Japan, Ltd., bitbank, Ltd., and bitFlyer. With new listings, USDC’s presence in Japan will not only be expanded, but also more accessible.
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Japan’s Role in Blockchain Adoption
Japan has always witnessed a tremendous amount of support in the integration and development of blockchain technology. Due to clear rules, the country can now be considered one of the leaders in stablecoins. This clarity in regulations has been regarded as a guide for other countries that are seeking to adopt stablecoins in their economies.
According to SBI Holding’s CEO, Yoshitaka Kitao, the approval of USDC will improve financial inclusion in Japan. He stressed that the collaboration matches the company’s vision of extolling blockchain-integrated payments and financial services. This serves as an indication of the future adoption and use of digital assets in Japan. With the approval of USDC, Circle takes one of the leading positions in the stablecoin market. The market capitalization of the stablecoin is close to $60 billion. For Circle, this is an interesting new prospect not only in Japan, but across the globe.
