Circle is introducing USDC to Japan through a collaboration with SBI Holdings, signifying a significant advancement for stablecoin usage in the nation.
As per a March 25 announcement, SBI VC Trade, a cryptocurrency exchange affiliated with SBI Holdings, will commence comprehensive trading of USD Coin (USDC) on March 26. Following regulatory clearance from Japan’s Financial Services Agency, USDC has become the inaugural international dollar stablecoin to receive legal recognition under the country’s stablecoin regulations.
For the last two years, Circle has been collaborating with banking institutions and regulators to bring this initiative to life. Circle’s CEO, Jeremy Allaire, noted that Japan’s clear regulations regarding stablecoins present substantial opportunities for cross-border transactions, digital payments, and financial innovation.
“We are thrilled to introduce USDC to businesses and consumers in this market. With Circle Japan KK and the robust support from SBI Holdings and prominent exchanges, USDC stands as a reliable and transparent digital dollar that caters to the needs of Japan’s advancing digital economy.”
— Jeremy Allaire, CEO of Circle.
SBI Holdings views this move as a pivotal step to improve the usability and accessibility of digital assets for both businesses and consumers. Beyond SBI VC Trade, USDC will soon be available on Binance Japan, bitbank, and bitFlyer, further expanding its reach.
Circle has been actively promoting USDC adoption beyond Japan as well. On March 20, GCash, the largest digital wallet in the Philippines with approximately 100 million users, integrated support for USDC. Stablecoins are increasingly influencing GCash’s remittance sector, which processes more than $65 billion in transactions annually.
In Dubai, USDC and Circle’s euro-backed EURC were the first stablecoins to receive authorization under the new framework set by the Dubai Financial Services Authority. They are now accessible to businesses operating in Dubai’s economic free zone and have been approved for financial services, treasury operations, and payments.
With $2.6 billion minted in the last month, USDC’s market capitalization as of March 25 stands at $59.75 billion, according to data from DefiLlama. While Tether (USDT), Circle’s primary competitor, commands 61.93% of the stablecoin market share, it faces increasing regulatory scrutiny, particularly in Europe where it has been removed from several exchanges.
Conversely, Circle continues to strengthen its position as a regulated and broadly accepted stablecoin by complying with the Markets in Crypto Authority regulations.