- SBI VC Trade gets approval to process USDC transactions and plans a beta launch for a limited number of users.
- The company partners with Shinsei Trust Bank to secure stablecoin reserves and ensure smooth fiat conversions.
- Japan updates crypto rules to ease regulations and improve the approval process for virtual asset businesses.
SBI VC Trade has received authorization from the Kanto Regional Financial Bureau to operate electronically as a payment instrument business operator. This approval allows the company to facilitate transactions using the stablecoin USD Coin (USDC), issued by Circle.
SBI VC Trade aims to expand its digital services with additional asset features to benefit users. The company has confirmed that transactions with USDC will commence on March 12.
Beta Phase Launch for USDC Transactions
SBI VC Trade will first introduce the USDC service in a beta phase. Only a limited number of customers will have access during this initial rollout. The firm plans to expand the service gradually after evaluating the beta phase. Customers will be able to buy, sell, deposit, and withdraw USDC seamlessly.
Secure Handling of Stablecoin Reserves
To ensure safe handling of USDC, SBI VC Trade has partnered with Shinsei Trust Bank. The bank will manage the stablecoin reserves through trust security measures. Since USDC is pegged to the US dollar, SBI VC Trade must hold an equivalent amount in reserve.
This ensures that customers can exchange USDC for fiat currency at any time. The company confirmed that USDC will be available on its trading platform once the beta phase begins.
Trading Pairs and Future Plans
The platform will support BTC/USDC and ETH/USDC trading pairs, allowing users to trade digital assets with USDC for improved liquidity. SBI VC Trade also plans to introduce leveraged trading with USDC at a later stage. The initial phase will help the company assess demand and optimize services. The goal is to provide additional trading options while ensuring secure and transparent transactions.
Regulatory Changes in Japan’s Crypto Market
Japan’s Financial Services Agency has been updating policies for digital assets. Last year, the agency approved a reform allowing stablecoins to be backed by short-term government bonds and fixed-term deposits.
The new framework limits these reserves to 50% to balance stability and flexibility. A recent report from a working group suggests amending the Trust Business Act and Payment Services Act.
