SBI Holdings Partners with Circle to Promote USDC Stablecoins in Japan
SBI Holdings, a Japanese financial conglomerate, has announced a partnership with stablecoin issuer Circle. The collaboration aims to circulate USDC stablecoins, establish a banking relationship, and promote the use of Circle’s Web3 Services in Japan. This move follows the revision of stablecoin regulations by the Japanese government in June 2023.
Memorandum of Understanding (MOU) between Circle and SBI
Circle and SBI have signed an MOU to work on the circulation of USDC and expand the use of stablecoins in Japan. Both companies are committed to complying with stablecoin regulations and maintaining communication with authorities. SBI is currently awaiting approval as an electronic payment instruments service provider to circulate USDC stablecoins within the country.
Revised Payment Services Act and Collateralized Stablecoins
The revised Act introduced by the Japanese government outlines guidelines for stablecoin issuance and circulation. It also recognizes collateralized stablecoins, such as Circle’s USDC, which are backed by highly liquid cash and cash-equivalent assets.
Japan’s Growing Crypto Ecosystem
SBI’s partnership with Circle follows its $100 million investment in a digital asset joint venture in the UAE. Additionally, SBI has been a long-standing partner of Ripple since 2017. In August 2023, Binance Japan launched a crypto asset exchange service, further expanding Japan’s crypto market.
Hot Take: SBI Holdings Boosts Adoption of USDC Stablecoins in Japan
SBI Holdings’ partnership with Circle marks a significant step towards promoting the use of USDC stablecoins in Japan. With the revised regulations and growing interest in cryptocurrencies, this collaboration is expected to contribute to Japan’s transition towards a Web 3.0 economy. As SBI continues to make strategic investments in the crypto space, it strengthens the country’s crypto ecosystem and positions itself as a key player in the digital currency innovation.
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