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- Circle and SBI partnership revolutionizes Japan’s digital currency landscape with USDC.
- SBI Group adopts Circle’s solutions, advancing digital asset strategies.
- SBI VC Trade seeks approval for USDC circulation in Japan.
In a groundbreaking move, SBI Holdings, Inc. has officially entered into a Memorandum of Understanding (MOU) with Circle Internet Financial to drive digital currency innovation in Japan. This collaboration aims to circulate USDC stablecoins, establish a banking relationship, and promote Circle’s Web3 Services in the country.
Circle and SBI Holdings have established a banking partnership that would boost the circulation of USDC in Japan. https://t.co/foxymkyDVb
— Laura Shin (@laurashin) November 27, 2023
The Japanese government’s recent revision of the Payment Services Act, specifically regulating stablecoins, sets the stage for the adoption of digital assets and the evolution toward a Web3 economy in Japan. Circle’s USDC stands out, being fully backed by highly liquid assets and redeemable 1 to 1 for U.S. dollars. As of November 17, 2023, on-chain USDC transactions have surpassed $12.7 trillion.
Under the MOU, SBI Group and Circle are initially focusing on circulating USDC and expanding the use of stablecoins in Japan. The collaboration includes a commitment to adhere to stablecoin-related regulations and involves SBI VC Trade seeking registration as an electronic payment instruments service.
SBI Shinsei Bank will provide banking services to Circle, facilitating USDC access and liquidity for businesses and users in Japan. Additionally, SBI Group plans to integrate Circle’s Web3 Services solutions into its digital asset portfolio strategy, encompassing Programmable Wallet, blockchain infrastructure, and smart contract management tools.
Jeremy Allaire, CEO and co-founder of Circle, expressed enthusiasm about the partnership, envisioning it as a significant milestone for Circle’s expansion in Japan and the Asia Pacific. Yoshitaka Kitao, CEO of SBI Holdings, highlighted the strategic move as a step towards widespread stablecoin adoption in Japan, emphasizing SBI Group’s commitment to unlocking new financial possibilities through stablecoins.