- Circle’s USDC stablecoin is set to launch in Japan through SBI VC Trade exchange this week, following regulatory approval.
- SBI VC Trade recently received Japan’s first license as an “Electronic Payment Instruments Exchange Service Provider,” enabling support for foreign stablecoins.
- Despite progressive stablecoin legislation implemented in 2023, Japan has seen limited stablecoin activity, with other initiatives like MUFG-backed Progmat Coin still pending launch.
Circle has confirmed that SBI VC Trade, a Japanese cryptocurrency exchange, will introduce the USDC stablecoin to the Japanese market this week. This launch follows Circle’s partnership with SBI Holdings announced in late 2023, which has since led to the establishment of Circle Japan KK and a joint venture between the companies. The USDC stablecoin will also become available through Binance Japan, bitbank, and bitFlyer.
The launch comes after SBI VC Trade secured a significant regulatory milestone earlier this month, becoming Japan’s first licensed “Electronic Payment Instruments Exchange Service Provider.” This specific registration is mandatory for Japanese entities wishing to support stablecoins issued by foreign companies.
“We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan,” stated Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings.
Japan implemented pioneering stablecoin legislation that took effect in 2023, yet stablecoin activities have remained relatively subdued despite numerous announcements. Progmat Coin, a stablecoin issuance platform founded by MUFG with backing from Japan’s other major banks, has yet to release its first stablecoin. This delay persists even after Progmat announced that Binance was exploring a potential stablecoin issuance agreement in 2023.
In a separate development, Japan’s three largest banks are planning to test what they describe as a “stablecoin sandwich.” This concept would allow local businesses to initiate international transfers through conventional banking channels, while the banks would utilize stablecoins to facilitate the actual cross-border payments behind the scenes.
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