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USDC, a stablecoin, has finally gotten the green signal after a long wait in one of the world’s most strict markets—Japan. Now, Circle has said that it will officially launch its stablecoin in Japan on March 26. This launch is happening because one of its local partners got regulatory approval to list the US dollar stablecoin three weeks ago.
In a statement on March 24, Circle said it will first list USDC on the “SBI VC Trade” cryptocurrency exchange. The listing is part of a partnership between SBI Holdings, the parent company of the exchange, and Circle Japan KK, which is part of Circle.
A Big First Step for USDC in Japan’s Crypto World
The news comes three weeks after SBI VC Trade got the first regulatory approval in the industry on March 4 to list USDC under the stablecoin regulatory framework of the Japan Financial Services Agency.
Circle is also looking to list USDC on Binance Japan, bitbank, and bitFlyer soon.
Japan has many cryptocurrency exchanges. Two of the biggest are BitBank and BitFlyer. They handled more than $25 million each over the last day, and their websites have been seen by over 1.85 million people in the last month.
In a March 24 X post, Circle’s Jeremy Allaire said that the regulatory approval came after two years of talks with regulators, banking partners, and other industry players.
“This opens up giant opportunities not only in trading digital assets but also in payments, cross-border finance and commerce, and foreign exchange,” he said.
Yoshitaka Kitao, CEO and president of SBI Holdings, said that the launch of the USDC would make it easier for people to get money and encourage crypto innovation in Japan’s growing digital economy.
“This fits with our bigger picture for the future of Japan’s payments and blockchain-based finance.”
Dubai Also Says Yes to USDC and EURC
On the other hand, on February 24, the Dubai Financial Services Authority recognized USDC and Circle’s EURC (EURC) stablecoin as the first stablecoins under their new rules.
Companies that work in the Dubai International Financial Centre, which is a free economic zone, can now use both stablecoins in various digital asset applications, such as payments, treasury management, and services.
CoinGecko data shows that USDC is still the second most valuable stablecoin, with a market cap of $59.7 billion. Only Tether’s USDT is more valuable, at $143.8 billion.
It’s not just a listing that USDC got in Japan; it’s a sign of how times are changing. Places like Japan are now accepting regulated digital currencies. Stablecoins are especially welcome because they are safer and more reliable. Circle wants to list USDC on more exchanges, so it could soon become the digital dollar of choice for many people and businesses in Asia and beyond.
This change is both legal and stable. This change may require people to alter their methods of payment, money transfers, or online shopping.
