STABLECOIN SHOCKWAVE: Japan Unleashes First Approved Stablecoin – Who’s Next?

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Circle and SBI Ignite Stablecoin Expansion in Japan—Major Exchanges Locked in

In a pioneering collaboration with SBI Holdings, Circle has secured the initial approval for a stablecoin in Japan, marking the start of an innovative chapter for digital finance, trading, and transactions.

‘First and Only Stablecoin’ Approved for Use in Japanese Markets

On March 25, Circle Internet Group Inc. moved forward with its global growth by officially launching operations in Japan. This strategic step is made possible through Circle Japan KK, our local subsidiary, and a partnership with SBI Holdings, a prominent financial group in the region. In a post on social media platform X, Circle’s CEO, Jeremy Allaire, provided additional information about this significant achievement.

In a groundbreaking development, Circle’s stablecoin gains approval for trading in the Japanese market, paving the way for the establishment of new operations and a strategic joint venture with SBI Holdings. The upcoming debut of USDC on SBI VC Trade is imminent, and other significant exchanges are expected to follow suit.

For over two years, we’ve been collaborating with Japan’s regulatory bodies, key industry players, strategic allies, banking partners, and others to facilitate USDC for the Japanese market. This move opens up a myriad of possibilities beyond just digital asset trading, encompassing areas like payments, cross-border finance and commerce, foreign exchange, and more. Today, in Tokyo, we’re hosting a series of major launch events!” The Circle executive emphasized.

Starting March 26, a fintech company’s subsidiary, SBI VC Trade (which is part of SBI Holdings), will start trading USDC in Japan, following the necessary regulatory approval. Other Japanese exchanges such as Binance Japan, Bitbank, and Bitflyer have also decided to list this stablecoin. This makes USDC, issued by Circle, the first global dollar stablecoin to receive full regulatory approval under Japan’s updated stablecoin guidelines, placing it in a leading position.

As a crypto investor, I’m thrilled to share that SBI VC Trade, where I’ve made some of my investments, received formal approval from the Japan Financial Services Agency on March 4th. This announcement comes after a strategic partnership between Circle and SBI Holdings, which was forged in 2023, with the aim of expanding USDC distribution, integrating digital banking services, and speeding up the adoption of Web3 technologies.

Circle, being a key player in this partnership, intends to strengthen market infrastructure and offer businesses tools for managing digital payments, treasury operations, and international financial flows, all with a dedicated local team. This is an exciting development that underscores their commitment to making digital finance more accessible and efficient for everyone.

Allaire praised Japan’s pioneering role in shaping digital finance policies. He stated that Japan has been a trailblazer in the adoption of Web3 and blockchain technology, and its regulatory leadership has also taken the lead in establishing clear guidelines for stablecoins within their financial system. USDC, on the other hand, is a cryptocurrency that is fully backed by real money and cash equivalents, and can be exchanged for U.S. dollars at a rate of 1:1. Its backing and transactions are transparent, as proven by monthly third-party reports.

Yoshitaka Kitao, as both Chair and CEO of SBI Holdings, showed great excitement, stating, “We are honored to be instrumental in increasing the use of USDC within Japan. This step boosts digital asset availability and fosters financial progress.” He made it clear:

In our view, this project is expected to boost financial inclusivity and spur advancements in digital currency technology, fitting perfectly with our larger aspirations for the evolution of digital payments and blockchain-centric finance in Japan.

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2025-03-26 07:00