The circle expands to the Japanese market as the USDC takes center stage.

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Japan's digital currency landscape formalizes the Web3 economy as SBI Holdings, Japan's financial leader in asset management and blockchain technology, formalizes a strategic partnership with Serbel.

This partnership highlights the joint commitment of SBI Holdings and Circle to promote the adoption of digital currencies in the Japanese market, particularly on the USDC stablecoin.

Key aspects of the alliance include seeking permission for SBI's business to transact in USDC under the Electronic Payments Regulations. At the same time, SBI Shinsei Bank will provide the circuit banking infrastructure for easy USDC integration for businesses and consumers across Japan.

USDC is a stable coin backed 100% by highly liquid cash and cash equivalent assets, 1 to 1 to the US dollar. USDC reserves are held separately from Circle's operational funds in leading financial institutions, ensuring the safety and transparency of the stablecoin. basis For a statement released by Circle.

Club CEO Jeremy Allaire expressed his enthusiasm for the collaboration.

“Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a major milestone in Circle's expansion plans in Japan and Asia Pacific. We are pleased to partner with SBI to set new standards in the financial sector in Japan.

According to Yoshitaka Kitao, CEO of SBI Holdings

“The SBI Group is committed to working wholeheartedly to realize new financial opportunities using stablecoins.”

This collaboration comes as the Japanese government actively monitors stablecoins. By implementing the revised Payment Services Act in June 2023, the government aims to regulate stablecoins backed by legal tender. This regulatory action is expected to promote the issuance and use of stablecoins in Japan, allowing the country to enter the Web3 economy.

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