Increase USDC Stablecoin Use In Japan, SBI Holdings Gandeng Circle

Circle's stablecoin crypto asset. (Photo; Doc. Coinstats)

JAKARTA - SBI Holdings, Inc., a leading financial services company from Tokyo, is establishing a strategic partnership with Circle, the publisher of USDC stablecoins. This partnership is aimed at increasing USDC circulation and expanding the use of Circle's Web3 services in Japan.

This collaboration was unveiled by the signing of a Memorandum of Understanding (MOU) that opens up opportunities for wider USDC adoption and innovative Web3 services across the country of Sakura. Jeremy Allaire, CEO and co-founder of Circle, welcomed the partnership.

"Our collaboration with SBI sets new standards in Japan's financial sector. We have the same vision of the future of digital currencies," said Circle CEO Jeremy Allaire.

"Circle and SBI Holdings join forces to increase USDC circulation and change the financial landscape in Japan with Web3 and USDC services! This partnership marks a major leap in digital asset innovation and USDC's strategic expansion in Asia," Circle said in a social media post X, 27 November 2023.

Yoshitaka Kitao, President Director, Chair, President & CEO of SBI Holdings, also expressed his enthusiasm. He stressed Japan's readiness to receive stablecoins in full.

"The signing of a comprehensive business alliance with Circle is an important step towards widespread adoption of stablecoins in Japan. With the global use of USDC and large market cap, we are committed to exploring the possibility of new finances using stablecoins," said Kitao.

The MOU outlines SBI Holdings and Circle's collaborative efforts to increase USDC circulation in Japan. One of the key aspects of this partnership is SBI VC Trade Co., Ltd., a subsidiary of SBI Holdings, which plans to register as an electronic payment instrument service provider in Japan, an important step that requires local regulatory approval.