- Circle received approval to launch USDC in Japan and will begin trading with SBI VC Trade on March 26.
- USDC is the first dollar-backed stablecoin approved under Japan’s new stablecoin regulatory framework.
- Binance Japan bitbank and bitFlyer will also support USDC showing strong interest in stablecoin adoption.
Circle has received regulatory approval to launch its USDC stablecoin in Japan. The announcement came on March 25 through a company blog post. Japan’s Financial Services Agency granted Circle permission to introduce USDC under the country’s stablecoin framework.
Circle aims to expand its presence through Circle Japan KK, its local entity. It will work with SBI Holdings, a major financial firm, to build its footprint. USDC is now the first dollar-backed stablecoin officially approved for use in Japan.
SBI VC Trade, a crypto exchange under SBI Holdings, secured its own regulatory license earlier this month. It received authorization from the Kanto Regional Financial Bureau to operate as an electronic payment service provider. This license allows it to handle USDC transactions in Japan.
USDC Trading Set to Begin
SBI VC Trade plans to begin full-scale USDC trading on March 26. This move will mark the first operational use of USDC under Japan’s revised stablecoin laws. The exchange will support a wide range of users and business models.
The partnership between Circle and SBI Holdings began in 2023 and now they are focused on stablecoin distribution and Web3 integration. Several Japanese exchanges such as Binance Japan and BitFlyer plan to list USDC. These platforms aim to support increased adoption and offer trading options to their users.
Regulatory Clarity Encourages Growth
Japan’s clear regulatory approach supports stablecoin adoption. Businesses and consumers can use USDC in a secure and compliant manner. The country prohibits trust-based yen stablecoins for now. However, future regulatory updates could change that.
Circle said USDC is backed entirely by cash or cash-equivalent assets. Reserves are held at regulated financial institutions. Third-party attestations are published monthly.
Financial firms may use USDC to develop stablecoin-based products. These could include custody services, remittances, and payment solutions. With SBI VC Trade at the center, Japan’s digital asset sector could expand quickly.
Global Expansion Efforts Continue
Outside Japan, Circle has also expanded in Dubai. Its USDC and euro-backed EURC were recently approved by the Dubai Financial Services Authority. These stablecoins can now be used by over 6,000 companies within Dubai’s economic zone.
USDC’s global market capitalization continues to grow. The token gained $2.6 billion over the last 30 days, reaching $59.75 billion. Regulatory clarity and increasing exchange listings contribute to this growth. Circle continues to promote stablecoin adoption worldwide. Japan’s USDC launch marks a key milestone in that mission.
