Circle is launching USDC stablecoin in Japan with support from SBI Holdings

From Yahoo Finance: 2025-03-25 15:06:00

Circle Internet Financial will launch its USDC stablecoin in Japan on 26 March in partnership with SBI Holdings. USDC will be available to businesses and consumers through Circle Japan KK. This move follows SBI VC Trade’s approval from the Japan Financial Services Agency to list USDC, making it the first officially sanctioned stablecoin in the country.

In 2023, Circle and SBI Holdings formed an alliance to promote USDC circulation in Japan. Other exchanges like Binance Japan, bitbank, and bitFlyer also plan to list USDC. USDC is a digital dollar stablecoin backed by liquid cash and redeemable one-to-one for US dollars. The reserves are held in regulated financial institutions and subject to monthly attestations by third parties.

Circle co-founder and CEO Jeremy Allaire praised Japan’s regulatory leadership in adopting Web3 and blockchain technology. SBI Holdings’ Yoshitaka Kitao highlighted the importance of expanding USDC adoption in Japan, enhancing digital asset accessibility and promoting financial innovation. The collaboration aims to drive digital asset innovation and financial accessibility in Japan.

In December 2024, Circle partnered with Binance to support USDC adoption. This move aims to enhance financial accessibility and drive digital asset innovation in Japan. Circle’s launch of USDC in Japan on 26 March is a significant step towards advancing digital payments and blockchain-based finance in the country.

Read more: Circle to launch USDC stablecoin in Japan on 26 March