Circle and SBI Holdings partner to increase USDC circulation in Japan
Circle, the stablecoin issuer behind USD Coin (USDC), has partnered with Tokyo-based financial services firm SBI Holdings to develop USDC and Web3 services in Japan.
Circle said on November 27 it had finalized a Memorandum of Understanding (MOU) with SBI Holdings, which will support USDC's strategic expansion into Japan.
Circle and SBI Holdings are joining forces to grow $USDC circulation and transform the financial landscape in Japan with $USDC and Web3 services. This partnership marks a major shift in digital asset creation and strategic expansion for $USDC in Asia.
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— Circle (@circle) November 27, 2023
This comes as the Japanese government revised the Payment Services Act in June to try to establish regulations for stablecoins, which the group believes will “promote the issuance and circulation of stablecoins in Japan and Japan's transition to a Web3 economy.”
In order to distribute USDC to Japan, SBI Holdings intends to register as an electronic payment instrument service, which may be approved by the Japanese authorities.
SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass adoption of the stablecoin in the country.
“Japan is continuously laying the groundwork to introduce the full range of stablecoins. [and] We are delighted to have signed a basic agreement for a comprehensive business partnership with Circle.
Circle CEO Jeremy Allaire said the partnership represents a shared vision for the future of digital currency in Japan and Asia and is a “crucial moment” for Circle, which is part of its expansion plan in the region.
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“We are delighted to partner with SBI to set new standards in the financial sector in Japan,” Alleyer said.
SBI Shinsei Bank USDC provides banking services to Circle to enable access and cash flow for businesses and consumers across Japan.
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