Circle and SBI to Launch USDC in Japan on March 26 Following Regulatory Approval
Circle is set to introduce its USDC stablecoin in Japan on March 26, partnering with SBI Holdings to expand the country’s digital payments landscape. This launch follows recent regulatory approval from the Japan Financial Services Agency (JFSA) earlier this month.
“Japan has been a leader in Web3 and blockchain adoption, with clear regulatory guidelines for stablecoins within its financial system,” said Jeremy Allaire, Circle’s co-founder and CEO, in an official statement.
The approval comes after two years of engagement with Japanese regulators, as Allaire noted in a post on X, emphasizing Circle’s commitment to compliance and innovation in the region.
SBI Holdings’ chairman and CEO, Yoshitaka Kitao, expressed confidence that the initiative will boost financial accessibility and drive digital asset innovation in Japan. “This aligns with our vision for the future of payments and blockchain-based finance,” he stated.
Currently, USDC has a market capitalization of approximately $59.7 billion, according to CoinGecko data. Its adoption continues to grow, with GCash, the largest digital wallet in the Philippines, recently integrating support for USDC.
A 2024 Circle report highlighted the Asia-Pacific region as the global leader in digital currency transactions, accounting for 29% of global volume, surpassing Western Europe (22%) and North America (19%).
