Circle, SBI Holdings focus combined efforts on USDC growth in Japanese market.
In a strategic partnership, Circle and SBI Holdings are directing their combined efforts towards fostering the growth of USDC in the Japanese market. This collaboration aims to advance the adoption and utilization of stablecoin technologies in the evolving financial landscape of Japan.
Circle and SBI Holdings have entered into a partnership to promote the USD Coin (USDC) a stablecoin, growth of Japanese market. The collaboration will involve:
- Establishing a banking relationship.
- Expanding USDC circulation.
- Enhancing access and liquidity for businesses and users in Japan.
Under the agreement, SBI’s subsidiaries, including VC Trade Limited, will actively participate in the partnership. VC Trade Limited will apply for licensing as an electronic payment instruments service to distribute USDC in Japan. Furthermore, SBI’s Shinsei Bank will provide banking services to facilitate USDC access and liquidity in the country.
In addition to these initiatives, SBI Group plans to adopt Circle’s Web3 Services solutions, such as programmable wallets, blockchain infrastructure, and smart contract management tools. This adoption will enable the utilization of USDC in various consumer-led Web3 product categories and allow integration with SBI Group’s retail and crypto platforms.
Jeremy Allaire, the CEO of Circle, expressed excitement about the collaboration, stating that it will position USDC as a widely used stablecoin in Japan’s growing on-chain economy. He also highlighted the opportunity to establish direct banking relationships between Circle’s USDC treasury, settlement operations, and Japanese financial institutions, enabling local liquidity between JPY and USDC.
Yoshitaka Kitao, CEO of SBI Holdings, praised the regulatory environment in Japan, which has been conducive to adopting stablecoins. The country passed a bill in June that requires stablecoins to be fully backed by highly liquid assets, preventing the kind of collapse experienced by Terra’s algorithmic stablecoin, UST.
This partnership between Circle and SBI Holdings reflects the increasing interest in stablecoins and their potential for facilitating efficient and secure transactions. By combining Circle’s expertise in stablecoin issuance and SBI Holdings’ strong presence in the Japanese financial industry, the two companies aim to promote the adoption of USDC and contribute to the growth of the digital economy in Japan.
The collaboration is expected to benefit businesses and individual users by providing easier access to digital assets and enhancing the liquidity of USDC in the Japanese market. With the support of SBI Holdings, Circle aims to expand its presence in Asia and establish USDC as a trusted and widely accepted stablecoin.
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