Circle plans to launch the USDC in Japan on March 26 through an association with Local Heavyweight SBI Holdings, marking a significant milestone for both the Stablcoin global market and for the Japan blockchain ecosystem.
“Japan has been at the forefront of the adoption of web technology and blockchain, and Japan’s regulatory leadership has been similar in the clear rules for the use of Stablcoins in Japan’s financial system,” said Jeremy Allaire, co -founder and CEO of Circle in a statement.
The launch occurs weeks after Circle and SBI received the regulatory approval of the Financial Services Agency of Japan (JFSA) in early March under the country’s electronic payment framework.
Allaire said in an X publication that Circle had spent two years committing to regulators in Japan in preparation for launch.
“We believe that this initiative will improve financial accessibility and promote digital asset innovation, aligning with our broader vision for the future of payments and blocks based on blockchain in Japan,” said Yoshitaka Kitao, representative director, president, president and CEO of SBI Holdings in a statement.
The USDC currently has a market capitalization of around $ 59.7 billion, according to Coingcko data.
The largest digital wallet in the Philippines, GCASH, recently added support for the USDC.
According to a 2024 Circle report, the Asia-Pacific region represents 29% of the global volume of digital currency transactions, ahead of Western Europe with 22% and North America to 19%.
