Key Takeaways
- USDC will be listed on the SBI VC Trade crypto firm by a joint partnership between SBI Holdings and Circle’s Japanese arm Circle Japan KK.
- SBI VC Trade, a subsidiary of Japanese finance giant SBI Holdings is set to launch full-scale USDC trading on March 26.
Circle is all set to launch its stablecoin USDC in Japan on March 26. The move follows regulatory approval for USDC from Japan’s Financial Services Agency (FSA), making it the first global dollar-backed stablecoin authorized for use under Japan’s stablecoin framework.
SBI VC Trade, a subsidiary of Japanese finance giant SBI Holdings, secured this approval on March 4 and is set to launch full-scale USDC trading on March 26.
USDC will be listed on the SBI VC Trade crypto firm, with a joint partnership between SBI Holdings and Circle’s Japanese arm Circle Japan KK.
Circle CEO Jeremy Allaire stated that the approval was the result of two years of engagement with regulators, banking institutions, and industry stakeholders. He noted that the decision “unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross-border finance, and foreign exchange.”
“We are honored 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,” he said in the press statement.
SBI Holdings CEO Yoshitaka Kitao emphasized that integrating USDC into Japan’s financial ecosystem would promote digital asset accessibility and innovation. “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,” he said.
The latest development comes amid Circle making strident efforts to expand globally. Last month, both USDC and Circle’s euro-backed stablecoin, EURC, were recognized under the Dubai Financial Services Authority’s new regulatory framework. Circle further plans to list USDC on Binance Japan, bitbank and bitFlyer in the near future.
