Circle Partners with SBI Holdings to Expand USDC in Japan
Circle, the issuer of USD Coin (USDC), has teamed up with SBI Holdings, a financial services firm based in Tokyo, to facilitate the expansion of USDC into the Japanese market. This collaboration aims to take advantage of Japan’s evolving regulatory landscape and promote the use of stablecoins in the country. Circle CEO Jeremy Allaire had previously expressed his intention to launch stablecoin in Japan. To introduce USDC in Japan, SBI Holdings is seeking registration as an electronic payment instruments service. SBI Holdings CEO Yoshitaka Kitao sees this partnership as a crucial step towards achieving widespread stablecoin adoption in Japan.
SBI Shinsei Bank to Provide Banking Services for Circle
SBI Shinsei Bank, a subsidiary of SBI Holdings, will provide banking services to Circle as part of this collaboration. This partnership will enable businesses and users in Japan to access and utilize USDC. Jeremy Allaire, CEO of Circle, emphasized the shared vision between Circle and SBI Holdings for the future of digital currency in Japan and Asia. He expressed excitement about the potential impact of this collaboration on the financial sector in Japan.
USDC Adoption Outside of USA
Despite being headquartered in the United States, Circle has seen significant adoption of USDC outside of the country. According to Jeremy Allaire, 70% of USDC adoption is happening overseas, with Asia leading the way. There is strong demand for “safe, transparent digital dollars” not only in Asia but also in Latin America and Africa. With a market cap of $24.6 billion, USDC is currently the second-largest stablecoin after Tether (USDT).
Hot Take: Circle and SBI Holdings Join Forces for USDC Expansion in Japan
Circle’s collaboration with SBI Holdings marks a significant milestone in the expansion of USDC into the Japanese market. By leveraging Japan’s regulatory framework and partnering with a prominent financial services firm like SBI Holdings, Circle aims to promote the use of stablecoins and facilitate the transition towards a Web3 economy in Japan. This strategic alliance not only involves SBI Holdings providing banking services to Circle but also paves the way for broader adoption of USDC in Japan. With the increasing demand for digital currency solutions worldwide, this partnership sets the stage for further innovation and growth in the crypto space.
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