Circle Expands Commitment to Japan with Local Partnerships
Stablecoin issuer Circle announced on Monday that it will promote the adoption of the Circle platform and technology in Japan through its local entity Circle Japan KK and partnerships with local firms, reinforcing its commitment to the Japanese market.
According to a press release, Circle’s local partners will utilize Circle’s platform to facilitate the adoption of its US dollar stablecoin USDC in Japan, including the establishment of a joint venture with the Japanese financial group SBI Holdings. SBI Group’s cryptocurrency exchange SBI VC Trade is set to fully launch USDC on March 26. Additionally, major exchanges such as Binance Japan, bitbank, and bitFlyer also plan to list and promote USDC.
Circle noted that SBI VC Trade received regulatory approval earlier this month to launch USDC under the Japanese Financial Services Agency’s stablecoin regulatory framework, making USDC the first and only global dollar stablecoin authorized for use in Japan. Circle co-founder and CEO Jeremy Allaire stated on the social media platform X:
According to the press release, USDC is a fully reserved digital dollar, backed 100% by highly liquid cash and cash-equivalent assets, redeemable on a 1:1 basis for US dollars, with reserves held in regulated financial institutions. Data from DefiLlama indicates that USDC’s market capitalization has reached $59.7 billion, ranking it second in the stablecoin market, just behind Tether’s USDT.
