Circle, the developer of USD Coin (USDC), is working with SBI Holdings, a Tokyo-based financial services company, to drive adoption of USDC and Web3 services in Japan.
Circle announced on November 27 that it signed a memorandum of understanding (MOU) with SBI Holdings to support USDC’s strategic expansion into Japan.
Circle and SBI Holdings collaborate $USDC Circulating and changing Japan’s financial environment. $USDC And Web3 service! This partnership marks a major leap forward and strategic expansion in digital asset innovation. $USDC In Asia.
Learn more…
— Circle (@circle) November 27, 2023
This comes as the Japanese government revised the Payment Services Act in June and established regulations for stablecoins. Circle believes that this regulation will “promote the issuance and distribution of stablecoins in Japan and accelerate Japan’s transition to a Web3 economy.”
To begin distributing USDC in Japan, SBI Holdings is seeking registration as an electronic payment instrument service, which must be approved by Japanese authorities.
SBI Holdings CEO and Chairman Yoshitaka Kitao hopes this will be a step towards large-scale stablecoin adoption in the country.
“Japan is steadily preparing the foundation for the full-scale introduction of stablecoins, and we are very pleased to have signed a basic agreement with Circle for a comprehensive business partnership.”
Circle CEO Jeremey Allaire added that the partnership “represents our shared vision for the future of digital currencies” in Japan and Asia and is a milestone for Circle as part of its expansion plans in the region.
He added that Circle will also work with SBI to drive adoption of Circle’s full-stack Web3 suite of services, which provides an end-to-end development, deployment and operations platform for building and operating Web3 apps across blockchains. “Think of gaming, culture and consumer entertainment,” Allaire said.
USDC is launched in Japan. Circle and SBI Holdings launch partnership combining USDC distribution, banking and Web3 technology deployment for the Japanese market. Here’s the official announcement. Here are my thoughts on this: https://t.co/fXZ4b9QrER
Why is this such a big deal?
June this year…
— Jeremy Allaire (@jerallaire) November 27, 2023
Related: Grab, Uber’s Southeast Asian rival, launches Web3 service through Circle
Allaire added, “We are pleased to work with SBI to set a new standard for the Japanese financial sector.”
According to Circle, SBI subsidiary SBI Shinsei Bank will provide banking services to Circle to enable Japan-based businesses and users to access USDC and secure liquidity.
Although Circle is based in the United States, 70% of USDC adoption is coming from overseas, Allaire noted in August, with Asia leading the way.
The Circle representative added that “demand for a secure and transparent digital dollar” is also strong in Latin America and Africa.
According to CoinGecko, USDC is currently the second-largest stablecoin after Tether (USDT), with a market capitalization of $24.6 billion.
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