- Circle has signed a new partnership to boost USDC circulation in Japan.
- The company also seeks to promote its full-stack Web3 services in the country.
- The partnership comes after Japan laid out a clear stablecoin regulation regime in June.
USDC stablecoin issuer Circle is fast-tracking its expansion plans in Japan and the greater Asia Pacific with a new partnership that aims to foster the adoption of USDC and other Web3 services.
On November 27, Circle announced that it had finalized a Memorandum of Understating (MOU) with SBI Holdings, Inc. to cement a partnership that will stimulate the issuance and circulation of USDC stablecoins in Japan, as well as promote the use of Circle’s Web3 services in the country.
SBI Holdings Inc. manages SBI Group, a company with three core businesses, including Financial Services, Asset Management, and Biotechnology, Healthcare & Medical Informatics Business.
Circle Teams Up with SBI Holdings
According to the announcement, the signed MOU underpins the work ahead, which includes broadening stablecoins use cases in Japan and forging a banking relationship to enable USDC access and liquidity for domestic businesses and users.
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The partnership will also see SBI Group integrate Circle’s Web3 Services solutions, such as blockchain infrastructure, programmable wallet, and smart contract management tools, as part of its digital asset portfolio strategy.
Circle CEO and co-founder Jeremy Allaire heralded the development, noting that the comprehensive business alliance is forged toward setting new standards in Japan’s financial sector.
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“Once launched, USDC can become a stablecoin on Japan digital asset markets, and can be widely used in the on-chain economy growing in Japan as well, across many consumer-led Web3 product categories. We can also work with the very large established retail and crypto platforms that SBI Group operates to adopt USDC as a new digital dollar.” Allaire stated.
To make the initiatives under the new partnership a reality, SBI Holdings has one more hurdle to jump.
Seeking Approval from Japan Authorities
Per the announcement, SBI Holdings is seeking to register as an electronic payment instruments service in Japan to enable the company to circulate USDC stablecoins within the country.
In seeking the registration, the company aims to comply with Japan’s June 2023 Payment Services Act, a regime SBI Holdings CEO Yoshitaka Kitao notes is “preparing the groundwork for the full-scale introduction of stablecoins” in the country.
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