Circle and SBI Holdings Team Up to Increase USDC Circulation in Japan
- USDC issuer Circle has signed a memorandum of understanding with SBI Holdings on Nov. 27.
- The two firms will work towards the strategic expansion of USDC and boosting Web3 services in Japan.
- USDC will be able to access liquidity for Japan-based businesses and users as a result of the deal.
- Regulators introduced stablecoin regulation in the Revised Payment Services Act of Japan this year in June.
Circle, the firm responsible for issuing the second-largest stablecoin by market capitalization, USDC, has teamed up with a major Japanese banking institution, SBI Holdings, to increase the circulation of the stablecoin in Japan. The partnership between the Tokyo-based financial firm and the stablecoin issuer is also focused on boosting the adoption of Web3 services in Japan.
In a statement, Circle confirmed that it had signed a memorandum of understanding (MOU) with SBI Holdings on November 27, paving the way for the strategic expansion of USDC in Japan. In the post, the stablecoin issuer mentioned the Revised Payment Services Act of Japan, which saw the addition of regulations for stablecoins on June 3, 2023.
Circle also said that the revised legislation is “expected to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy,” while adding that the “companies have signed an MOU underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan. “
“Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific,” said Jeremy Allaire, CEO and co-founder of Circle. “We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan.”
Additionally, it was also confirmed that SBI will provide banking services to Circle, and the USDC stablecoin will be able to access liquidity for Japan-based businesses and users. Yoshitaka Kitao, the Chairman, President, and CEO of SBI Holdings, said that his banking institution is working “towards realizing new financial possibilities using stablecoins.”
As reported earlier by BitcoinWisdom, Circle, which currently operates in over 190 countries, continues to expand its presence worldwide and recently partnered with Grab, a firm based in Singapore, to expand Web3 in the city-state. The two firms also released a new Web3 wallet for their users. Additionally, the stablecoin issuer also expanded operations in Chile, debuting support for the USDC stablecoin in collaboration with Mercado Pago.