Circle and SBI Holdings to Launch USDC in Japan Under FSA Approval

• Circle and SBI Holdings will introduce USDC in Japan on March 26, marking the first FSA-approved global dollar-backed stablecoin.
• Japan’s Financial Services Agency has granted SBI VC Trade approval to list USDC, ensuring regulatory compliance and financial transparency.
• Binance Japan, bitbank, and bitFlyer plan to list USDC, expanding stablecoin accessibility and adoption in the Japanese digital economy.

Circle Internet Financial and SBI Holdings plan to introduce USDC stablecoin in the Japanese market starting March 26. USDC has earned its position as the first FSA-approved global dollar-backed stablecoin on the market. Both businesses and consumers will have access to USDC through Circle Japan KK after the local subsidiary implements its readiness for the stablecoin launch.

Launch Details and Market Introduction

Circle Internet Financial aims to introduce USDC in Japan under the backing of SBI Holdings. Users can redeem the stablecoin for U.S. dollars based on a one-for-one exchange value because it receives backing from liquid cash alongside cash-equivalent financial assets. The approval process started after SBI VC Trade obtained the necessary authorization from Japan’s Financial Services Agency to include USDC under their new regulations.

The reserves for USDC are held in regulated financial institutions and are subject to monthly attestations by third parties. These attestations are available for public review, ensuring transparency and security for users. The recent approval sets a benchmark in Japan’s digital asset space, allowing for broader adoption of USDC.

Regulatory Framework and Strategic Partnership

In 2023, Circle Internet Financial and SBI Holdings formed an alliance aimed at facilitating USDC circulation in Japan. This partnership has now led to the first stablecoin being sanctioned under Japan’s stablecoin regulatory framework. The regulatory framework ensures that USDC operates within strict financial guidelines.

Circle co-founder and CEO Jeremy Allaire said, “Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan’s regulatory leadership has similarly been out in front on clear rules for the use of stablecoins in the Japan financial system.” His statement reflects the company’s dedication to bringing secure digital dollars to the Japanese market. Similarly, SBI Holdings representative director, chairman, president, and CEO Yoshitaka Kitao stated, “SBI Holdings is proud to play a key role in expanding USDC adoption in Japan, a move that enhances digital asset accessibility and promotes financial innovation.” These quotes underscore the confidence of both companies in this project.

Future Prospects and Market Expansion

Japanese cryptocurrency exchanges such as Binance Japan, bitbank, and bitFlyer plan to list USDC in the near future. The forthcoming launch is expected to broaden the use of stablecoins in the country. Recent market data indicates a steady interest in regulated digital assets in Japan.

Circle and SBI Holdings continue to work on projects that support the digital economy. The upcoming launch of USDC is seen as a milestone that will drive further innovation in Japan’s payment systems. This move aligns with Japan’s focus on blockchain technology and digital finance, paving the way for more digital currency initiatives.