A major development is underway as Circle intends to introduce USDC in Japan on March 26, collaborating with the prominent SBI Holdings. This marks a noteworthy moment for both the global stablecoin arena and the blockchain landscape in Japan.
“Japan has been a pioneering force in the acceptance of Web3 and blockchain technology, and the nation’s regulatory framework has consistently provided clear guidelines for stablecoin usage within its financial system,” stated Jeremy Allaire, co-founder and CEO of Circle in a public announcement.
This launch follows the recent regulatory endorsement received by Circle and SBI from the Japan Financial Services Agency (JFSA), which came earlier in March as part of the nation’s electronic payments framework.
Allaire noted in a social media update that Circle has dedicated two years to liaising with Japanese regulators in preparation for this rollout.
“We believe this initiative will increase financial accessibility and spur innovation in digital assets, which aligns with our broader vision for the evolution of payments and blockchain-based finance in Japan,” remarked Yoshitaka Kitao, representative director, chairman, president, and CEO of SBI Holdings, in a statement.
The market capitalization of USDC currently stands at approximately $59.7 billion, as per data from CoinGecko.
In a related development, the Philippines’ leading digital wallet, GCash, has recently integrated support for USDC.
A report from Circle indicates that as of 2024, the Asia-Pacific region represents 29% of global digital currency transaction volume, surpassing Western Europe’s 22% and North America’s 19%.