Circle and SBI to Launch USDC in Japan on March 26 Following Regulatory Approval
Circle is set to introduce USDC in Japan on March 26 through a strategic partnership with SBI Holdings, marking a significant step in expanding stablecoin adoption within the country’s regulated financial system. The move follows approval from the Japan Financial Services Agency (JFSA) earlier this month.
Jeremy Allaire, co-founder and CEO of Circle, highlighted Japan’s leadership in blockchain innovation and regulation. “Japan has been at the forefront of Web3 adoption and has established a clear framework for the use of stablecoins within its financial system,” he stated.
Allaire also noted on X that Circle has been working with Japanese regulators for two years to ensure compliance before launching USDC in the market.
SBI Holdings’ chairman and CEO, Yoshitaka Kitao, expressed optimism about the partnership, stating, “This initiative will drive financial accessibility and digital asset innovation, aligning with our broader vision for blockchain-powered finance in Japan.”
As of now, USDC has a market capitalization of approximately $59.7 billion, according to CoinGecko data. The stablecoin’s adoption continues to grow, with GCash, the largest digital wallet in the Philippines, recently adding support for USDC.
A 2024 Circle report found that Asia-Pacific leads the world in digital currency transactions, making up 29% of total volume, surpassing Western Europe (22%) and North America (19%).
