Circle, the stablecoin issuer behind USD Coin (USDC), is partnering with Tokyo-based financial services company SBI Holdings to promote the adoption of USDC and Web3 services in Japan.
circle explain It signed a memorandum of understanding (MOU) with SBI Holdings on November 27, which will support USDC’s strategic expansion into Japan.
Circle and SBI Holdings join forces to promote $USDC Circulation and changing Japan’s financial landscape $USDC and Web3 services!This collaboration marks a major leap in digital asset innovation and strategic expansion $USDC in Asia.
Read more about…
— circle (@circle) November 27, 2023
At the same time, the Japanese government revised the Payment Services Act in June and formulated stablecoin regulations, which Circle believes will “stimulate the issuance and circulation of Japanese stablecoins and promote Japan’s transformation to a Web3 economy.”
In order to initiate the circulation of USDC in Japan, SBI Holdings is seeking to register as an electronic payment instrument service, which is yet to be approved by Japanese authorities.
SBI Holdings CEO and President Yoshitaka Kitao hopes this will be a step toward mass adoption of stablecoins in the country.
“Japan is steadily preparing for the full introduction of stablecoins, and we are pleased to have signed a basic agreement with Circle for a comprehensive business alliance.”
Jeremy Allaire, CEO of Circle, said that this cooperation represents a “shared vision for the future of digital currency” in Japan and Asia and is also a “milestone” in Circle’s expansion plan into the region.
related: Uber’s Southeast Asian rivals Grab and Circle launch Web3 services
“We are pleased to partner with SBI to set new standards for Japan’s financial sector,” said Allaire.
According to Circle, SBI subsidiary SBI Shinsei Bank will provide banking services to Circle to provide USDC deposits, withdrawals and liquidity to Japanese businesses and users.
Allaire noted in August that while Circle is headquartered in the United States, 70% of USDC adoption occurs overseas, with Asia leading the way.
The Circle boss added that “demand for a secure, transparent digital dollar” is also strong in Latin America and Africa.
USDC is currently the second largest stablecoin after Tether (USDT), with a market capitalization of $24.6 billion. according to Go to CoinGecko.
Magazine: HTX was hacked again, losing $30 million, 100,000 Koreans tested CBDC, Binance 2.0: Asia Express
Svlook
