Circle, the issuer of USD Coin (USDC), is set to launch the stablecoin in Japan on March 26 through a strategic partnership with SBI Holdings.
Circle to Launch USDC in Japan on March 26 in Partnership with SBI
The move marks a significant milestone for the Japanese blockchain ecosystem, as Circle becomes one of the first global stablecoin issuers to enter the country under Japan’s new electronic payments framework.
“Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan’s regulatory leadership has similarly been at the forefront of clear rules for the use of stablecoins in the Japanese financial system,” Circle co-founder and CEO Jeremy Allaire said in a statement.
Regulatory Approval and Market Impact
Earlier this month, Circle and SBI Holdings received approval from the Japan Financial Services Agency (JFSA) to issue USDC in the country.
Circle has been working with regulators for two years to comply with Japan’s strict financial laws, Allaire said in a post on X.
Highlighting the potential impact of the USDC launch, SBI Holdings Chairman and CEO Yoshitaka Kitao said:
“We believe this initiative will increase financial accessibility and foster digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan.”
USDC Global Presence
USDC is currently the second-largest stablecoin with a market cap of around $59.7 billion, according to CoinGecko. It has seen increasing adoption in Asia, with the Philippines’ largest digital wallet, GCash, recently integrating USDC support.
The 2024 Circle report found that the Asia-Pacific region accounts for 29% of global digital currency transactions, ahead of Western Europe (22%) and North America (19%).
As Circle continues its expansion in Asia, Japan’s pro-stablecoin regulatory stance could position the country as a key hub for digital finance innovation in the region.
*This is not investment advice.
