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Circle has officially launched its USDC stablecoin in Japan, marking a major milestone for the country’s crypto industry. The move comes after SBI VC Trade, a subsidiary of Japanese financial giant SBI Holdings, received regulatory approval to list USDC under the Japan Financial Services Agency’s (FSA) stablecoin framework earlier this month.
Announced on March 24, Circle confirmed that USDC trading will commence on SBI VC Trade starting March 26, making it the first platform in Japan to offer the US dollar-pegged stablecoin. The company also revealed plans to expand its reach by listing USDC on other major Japanese exchanges, including Binance Japan, bitbank, and bitFlyer, in the near future.
The bitbank and bitFlyer platforms collectively processed over $50 million in daily trading volume last week and saw 1.85 million website visits over the past month, highlighting their significant influence in Japan’s crypto market.
Strategic Expansion After Years of Negotiation
Circle’s entry into Japan follows two years of discussions with regulators, financial institutions, and industry players, according to CEO Jeremy Allaire. In a March 24 X post, Allaire expressed optimism about the launch, stating that it will open up new opportunities for digital payments, cross-border finance, and foreign exchange (FX).
The launch was welcomed by SBI Holdings CEO Yoshitaka Kitao, who stated that the stablecoin’s introduction would enhance financial accessibility and accelerate innovation in Japan’s blockchain-powered economy.
USDC Maintains Its Position
Circle’s regulatory win in Japan comes shortly after the company made strides in the Middle East. On Feb. 24, the Dubai Financial Services Authority (DFSA) officially recognized USDC and Circle’s euro-backed EURC stablecoin under its new regulatory regime.
USDC remains the second-largest stablecoin by market cap, with $59.7 billion in circulation, trailing only Tether (USDT), which holds a dominant $143.8 billion market cap, according to CoinGecko.
Circle’s strategic expansion into Japan reflects the country’s growing crypto-friendly stance.
