Circle Partners with SBI Holdings to Boost Adoption of USDC and Web3 Services in Japan
Stablecoin issuer Circle has announced a partnership with Tokyo-based financial services firm SBI Holdings to promote the adoption of USD Coin (USDC) and Web3 services in Japan. The two companies have signed a memorandum of understanding (MOU) to support the strategic expansion of USDC in the country.
Japanese Government’s Support for Stablecoins
The Japanese government revised the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will encourage the issuance and circulation of stablecoins in Japan and facilitate the country’s transition towards a Web3 economy.
SBI Holdings’ Role in USDC Circulation
In order to introduce USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, subject to approval from Japanese authorities. SBI Holdings CEO Yoshitaka Kitao hopes this partnership will lead to widespread stablecoin adoption in Japan.
Circle’s Vision for Digital Currency in Japan
Circle’s CEO Jeremy Allaire sees the partnership as a significant step towards realizing their shared vision for digital currency in Japan and Asia. He also views it as a milestone in Circle’s expansion plan for the region.
SBI Shinsei Bank’s Role
SBI Shinsei Bank, a subsidiary of SBI Holdings, will provide banking services to Circle, enabling access to USDC and liquidity for businesses and users based in Japan.
International Demand for USDC
While Circle is based in the United States, 70% of USDC adoption is happening outside of the country, with Asia leading the way. There is also strong demand for safe and transparent digital dollars in Latin America and Africa, according to Allaire.
USDC’s Market Position
USDC is currently the second largest stablecoin after Tether (USDT), with a market capitalization of $24.6 billion, according to CoinGecko.
Hot Take: Partnership Paves the Way for USDC Adoption in Japan
The collaboration between Circle and SBI Holdings marks a significant development in the adoption of USDC and Web3 services in Japan. With the Japanese government’s support for stablecoins and SBI Holdings’ efforts to facilitate USDC circulation, this partnership has the potential to drive mass adoption of stablecoins in the country. Circle’s CEO Jeremy Allaire sees this as a major milestone in their expansion plan and believes it will set new standards in the financial sector in Japan. As USDC continues to gain traction internationally, this partnership positions Circle for further growth and influence in the Asian market.
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