Circle Internet Group, Inc., a financial technology company and stablecoin market participant / issuer, announced its commitment to Japan by leveraging its Japanese entity, Circle Japan KK, and local partnerships to drive the adoption of Circle platforms and technologies in Japan.
Circle’s partners in Japan will leverage Circle’s platforms “to enable the adoption of USDC in Japan.”
These partnerships include a joint venture with Japanese financial conglomerate SBI Holdings, with SBI VC Trade initiating “a full-scale launch of USDC on March 26, alongside plans by leading exchanges Binance Japan, bitbank, and bitFlyer to list and distribute USDC in the near future.”
On March 4, SBI VC Trade, a cryptocurrency exchange in Japan and subsidiary of SBI Holdings, secured regulatory “approval to introduce USDC under the Japan Financial Services Agency’s stablecoin regulatory framework, making USDC the first and only global dollar stablecoin approved for use in Japan.”
This announcement marks a milestone in the partnership that Circle and SBI Holdings began in 2023 to “combine USDC distribution, banking and Web3 technology proliferation for the Japan market.”
CIrcle’s launch in Japan establishes USDC’s market presence and liquidity in the country, while signaling “growing institutional confidence in USDC’s utility and reliability.”
With a local entity, Circle is positioned to accelerate stablecoin adoption, enhance “market infrastructure and support businesses and institutions by fostering talent to drive digital finance innovation.”
By integrating USDC into Japan’s digital finance ecosystem, Circle and its partners seek to “provide reliable solutions for digital payments, settlements, and treasury operations.”
Jeremy Allaire, Co-founder and CEO of Circle 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. We are honored to bring USDC to businesses and consumers in the market, and with Circle Japan KK and the strong support of SBI Holdings and leading exchanges, USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan’s evolving digital economy.”
Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings said:
“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. We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan.”
USDC is a fully-reserved digital dollar backed “100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars.”
The USDC reserves are reportedly held at regulated financial institutions “with published third-party monthly attestations, providing a high level of transparency for businesses and users.”
