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Circle Partners with SBI Holdings to Boost USDC Adoption in Japan

Circle has signed a memorandum with SBI Holdings to boost the USDC adoption in Japan. It is believed that both firms are working to regulate and integrate stablecoins into the traditional finance of Japan.

Jay Hicks

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UAE Shifts from USD to Digital Dirham in Collaboration With China

Circle, the USD Coin (USDC) issuer firm has partnered with SBI Holding to offer its services in Japan. Circle is expanding its services at the global level and now seeks to start operations in Japan. And for that, Circle has partnered with Japan’s leading SBI Shinsei Bank for banking services.

Earlier today, news circulated in the market that Circle has signed a memorandum with SBI Holdings to boost the USDC adoption in Japan. It is believed that both firms are working to regulate and integrate stablecoins into the traditional finance of Japan.

Circle Aims to Boost USDC Adoption in Japan

SBI VC Trade is seeking to register in Japan as a payment solution service to circulate USDC in Japan. Japan is considered to be the 3rd-largest economy and might drop to fourth place in the following year as estimated by the International Monetary Fund (IMF).

According to the statement, it was declared that SBI Shisei Bank will also offer banking services to USDC issuer firm Circle. Moreover, Circle claims that it will provide access to USDC and its liquidity for businesses and users in Japan. SBI Group, as part of its digital asset strategy, will use Circle’s Web3 Services like blockchain infrastructure, Programmable Wallet, and smart contract management.

Related: Fed Officials Are Concerned About Unregulated Stablecoins Like USDT and USDC

Jeremy Allaire, the co-founder and Chief Executive Officer (CEO) of Circle mentioned that integrating with SBI Holdings shows their shared vision for digital currency’s future. It’s a significant step in Circle’s plans to expand in Japan and Asia Pacific.

Japan Passed the Stablecoin Bill Back in June 2023

Circle joined forces in Japan following the country’s new rules for stablecoins in June. Japan aimed to protect investors after TerraUSD’s issues. SBI Holdings is deeply involved in crypto and recently teamed up with SC Ventures to create a $100 million crypto project in the UAE.

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