– Circle, the issuer of USD Coin (USDC), has partnered with SBI Holdings to promote the adoption of USDC and Web3 services in Japan.
– The partnership aims to boost the circulation of USDC in Japan and transform the financial landscape in the country.
– SBI Holdings is seeking registration as an electronic payment instruments service provider to initiate the circulation of USDC in Japan.
– The Japanese government revised the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will stimulate the issuance and circulation of stablecoins in Japan.
– SBI Shinsei Bank, a subsidiary of SBI Holdings, will provide banking services to Circle to enable USDC access and liquidity for Japan-based businesses and users.
– Circle plans to work with SBI to promote the adoption of its Web3 Services suite in Japan, focusing on areas such as games, culture, and consumer entertainment.
– USDC is currently the second largest stablecoin with a market cap of $24.6 billion.
