Circle and SBI Holdings partner to boost USDC circulation in Japan

Circle, the stablecoin issuer behind USD Coin (USDC), is teaming up with Tokyo-based financial services firm SBI Holdings to boost the adoption of USDC and Web3 services in Japan.

Circle said it concluded a memorandum of understanding (MOU) with SBI Holdings on Nov. 27, which will underpin the strategic expansion of USDC into Japan.

It comes as the Japanese government revised the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will “stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy.”

To initiate the circulation of USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, which is subject to approval by Japanese authorities.

SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass stablecoin adoption in the country.

#news #altcoin #Japan #Asia #SBI

Nov-27-2023 09:01:15 AM