Circle Partners with SBI Holdings to Expand Presence in Japan
Circle, the issuer of the USDC stablecoin, has formed a partnership with SBI Holdings, a Japanese securities and banking giant, to enhance its presence in Japan. According to a statement released by Circle, the collaboration involves working towards the circulation of USDC and increasing the use of stablecoins in Japan. SBI VC Trade is currently seeking registration as an electronic payment instruments service to facilitate the circulation of USDC stablecoins within Japan, which is the world’s third-largest economy.
SBI Shinsei Bank will also provide banking services to Circle, allowing access and liquidity for Japan-based businesses and users. As part of SBI Group’s digital asset portfolio strategy, they will adopt Circle’s Web3 Services solutions such as Programmable Wallet, blockchain infrastructure, and smart contract management tools. Jeremy Allaire, CEO and co-founder of Circle, sees this partnership as a significant milestone in expanding Circle’s presence in Japan and Asia Pacific.
Japan’s Stablecoin Regulations
In June, Japan revised the Payment Services Act to establish regulations related to stablecoins. This move was made to protect stablecoin investors following the implosion of TerraUSD. SBI Holdings has been actively involved in the crypto industry and recently partnered with SC Ventures to set up a $100 million crypto vehicle in the United Arab Emirates. Binance also announced a partnership with a unit of Japanese bank MUFG to explore the issuance of a new stablecoin pegged to fiat currencies as it re-entered the Japanese market.
Hot Take: Circle Expands its Presence in Japan through Partnership with SBI Holdings
Circle’s collaboration with SBI Holdings marks an important step in their expansion plans in Japan and Asia Pacific. By partnering with SBI Holdings, Circle aims to promote the circulation and usage of USDC stablecoins in Japan, the world’s third-largest economy. This partnership also includes banking services provided by SBI Shinsei Bank, ensuring access and liquidity for businesses and users in Japan. The revised Payment Services Act in June reflects Japan’s commitment to regulating stablecoins and protecting investors. With SBI Holdings’ active involvement in the crypto industry, this partnership strengthens both companies’ positions in the Japanese market.
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