Circle, the stablecoin issuer behind USD Coin (USDC)is partnering with Tokyo-based financial services firm SBI Holdings to drive adoption of USDC and Web3 services in Japan.
Circle saying concluded a memorandum of understanding (MOU) with SBI Holdings on November 27, which will support the strategic expansion of USDC in Japan.
Circle and SBI Holdings join forces to promote $USDC circulation and transform the financial landscape in Japan with $USDC and Web3 Services! This partnership signifies a huge leap in digital asset innovation and a strategic expansion for $USDC in Asia.
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- Circle (@circle) November 27, 2023
It comes as the Japanese government revised the Payment Services Law in June to establish regulations for stablecoins, which Circle believes will "stimulate the issuance and circulation of stablecoins in Japan and advance Japan's transition to a Web3 economy" .
To begin the circulation of USDC in Japan, SBI Holdings seeks to register as an electronic payment instrument service, which is subject to approval by Japanese authorities.
SBI Holdings CEO and Chairman Yoshitaka Kitao hopes it will be a step towards mass adoption of stablecoins in the country.
"Japan is constantly preparing the groundwork for the large-scale introduction of stablecoins. [and] "We are very pleased to have signed a basic agreement for a comprehensive commercial alliance with Circle."
Circle CEO Jeremey Allaire added that the partnership "represents a shared vision for the future of digital currency" in Japan and Asia and is a "milestone" for Circle as part of its expansion plan in the region.
He added that Circle will also work with SBI to promote the adoption of Circle's full-stack Web3 services suite, which provides end-to-end development, deployment and operations platforms to build and operate Web3 applications on blockchains. "Think about gaming, culture and consumer entertainment," Allaire said.
USDC comes to Japan: Circle and SBI Holdings begin a partnership that combines USDC distribution, banking and the proliferation of Web3 technology for the Japanese market. Official announcement here, my take on this below: https://t.co/fXZ4b9QrER
Why is this so important?
In June of thisโฆ
โJeremy Allaire (@jerallaire) November 27, 2023
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"We are excited to collaborate with SBI to set new standards in Japan's financial sector," Allaire added.
SBI Shinsei Bank, a subsidiary of SBI, will provide banking services to Circle to enable access to USDC and liquidity for businesses and users based in Japan, according to Circle.
While Circle is based in the United States, 70% USDC adoption is taking place abroad, Allaire noted in August, with Asia leading the way.
The "demand for secure and transparent digital dollars" is also strong in Latin America and Africa, added the head of the Circle.
USDC is currently the second largest stablecoin behind Tether. (USD), with a market capitalization of $24.6 billion, according to CoinGecko.
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