Circle Launches USDC in Japan on SBI VC Trade, Expanding Its Reach
This launch is part of a broader effort to integrate the stablecoin into more local exchanges, including Binance Japan, bitbank, and bitFlyer.
USDCs Entry into Japan: Regulatory Approval Secures Milestone
The USDC listing on SBI VC Trade follows the exchanges regulatory approval earlier this month to process USDC transactions, making Circle the first stablecoin issuer authorized for use in Japanese markets. The move comes after Circles extensive engagement with Japans regulators and industry leaders over the past two years. The collaboration aims to create new opportunities in digital asset trading, cross-border payments, and more.
Circle Forms Joint Venture with SBI Holdings to Strengthen Local Presence
In addition to the launch, Circle has entered into a joint venture with SBI Holdings, which was formalized in 2023 as part of a comprehensive business alliance. This partnership aims to solidify Circles position in Japan and drive further adoption of USDC in various sectors, including payments, foreign exchange, and commerce.
Japans New Stablecoin Regulations Pave the Way for USDC
Circles successful entry into Japan is made possible by the countrys revised stablecoin regulations, which came into effect in June 2023. Under these regulations, service providers must register under the Funds Settlement Act and the Banking Act to facilitate the circulation of stablecoins.
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