Circle plans to launch the USDC in Japan on March 26 thanks to a partnership with local heavy goods vehicles SBI Holdings, marking an important step for the global market for Stablescoin and the Japanese blockchain ecosystem.
“Japan has long been at the forefront of the adoption of web3 technology and blockchain, and Japanese regulatory leadership has also been in clear rules for the use of stablecoins in the Japan financial system,” said Jeremy Allaire, co-founder and CEO Circle, said in a press release.
The launch comes from weeks after Circle and SBI received regulatory approval from the JAPAN Financial Services Agency (JFSA) earlier in March as part of the country’s electronic payment payment.
Allaire declared in an article on X that Circle had spent two years engaging with regulators in Japan in preparation for the launch.
“We believe that this initiative will improve financial accessibility and stimulate the innovation of digital assets, aligning our broader vision of the future of payments and finances based on blockchain in Japan,” said Yoshitaka Kitao, representative director, president, president and chief executive officer of SBI Holdings in a press release.
The USDC currently has a market capitalization of around 59.7 billion dollars, according to Coigecko data.
The largest digital portfolio of the Philippines, GCASH, recently added support to the USDC.
According to a 2024 Circle report, the Asia-Pacific region represents 29% of the volume of transaction of global digital money, ahead of Western Europe at 22% and in North America at 19%.
