Circle, the issuer of the USDC stablecoin, has made history by becoming the first and only stablecoin approved for use in Japan. This milestone comes after two years of working with Japanese regulators and financial firms. Circle has launched new operations in Japan and formed a joint venture with SBI Holdings, a top financial firm in the country. The partnership will allow SBI VC Trade, a subsidiary of SBI Holdings, to introduce USDC to Japanese users.
This approval is significant, as it opens up new opportunities in trading, payments, cross-border finance, and foreign exchange. Japan has been at the forefront of Web3 and blockchain adoption, and its strong regulatory framework has paved the way for stablecoins like USDC to thrive. SBI Holdings’ CEO, Yoshitaka Kitao, believes this move will improve financial access and boost digital asset growth in Japan.
With this approval, USDC is expected to go beyond just cryptocurrency trading and will be used in various financial services. Circle plans to list USDC on popular exchanges in Japan, including Binance Japan, bitbank, and bitFlyer. This move will bring USDC to new markets beyond its traditional reach.
USDC’s market cap of nearly $60 billion makes it a significant player in the stablecoin market. This approval is a major win for Circle and will likely pave the way for other stablecoins to enter the Japanese market. With this move, Circle solidifies its position as a leader in the stablecoin space, enabling the use of digital dollars for more people worldwide.