SBI Holdings, the Japanese financial group, has forged a partnership with Circle Internet Financial, aiming to introduce the USDC stablecoin to the Japanese market by next year. This move marks USDC as the first foreign stablecoin set to circulate in Japan, following the regulatory green light in June allowing banks and financial entities to issue stablecoins. SBI VC Trade, an affiliate of SBI Holdings specializing in crypto assets, is poised to handle USDC after completing the necessary registration as an electronic payment provider.
With a market capitalization of $24.4 billion as of Friday, USDC has facilitated transactions exceeding $12.7 trillion as of November 17, underscoring its prominence in the global crypto market. SBI VC Trade is also exploring the potential of managing a euro-backed stablecoin issued by Circle, with banking support from SBI Shinsei Bank.
Simultaneously, JPYC, based in Tokyo, has joined forces with Japanese crypto platform operator Progmat to explore the issuance of a yen-denominated stablecoin with unrestricted payment limits. Several Japanese banks, including MUFG Bank and Orix Bank, are contemplating stablecoin issuance, reflecting the growing interest in blockchain-based payment methods for both business and individual transactions in the Japanese financial landscape.
