Circle, the issuer behind the stablecoin USD Coin (USDC), is partnering with the Tokyo-based financial services company SBI Holdings to promote the adoption of USDC and Web3 services in Japan.
Circle has announced that they signed a memorandum of understanding (MOU) with SBI Holdings on November 27, which will strengthen the expansion of the USDC strategy into Japan.
This collaboration comes as the Japanese government amended the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will “stimulate the issuance and circulation of stablecoins in Japan and drive Japan’s transition to the Web3 economy.”
To begin circulating USDC in Japan, SBI Holdings is seeking to register as an electronic payment service provider and must be approved by the Japanese authorities.
SBI Holdings’ CEO and Chairman, Yoshitaka Kitao, hopes that this will be a step toward the widespread adoption of stablecoins in the country. He stated, “Japan is preparing the ground for the full-scale introduction of stablecoins, and we are very pleased to have signed a basic agreement for a comprehensive business alliance with Circle.”
Circle’s CEO, Jeremy Allaire, views this collaborative relationship as demonstrating a shared vision for the future of digital money in Japan and Asia, calling it a “milestone” for Circle as part of its expansion plans into the region.
Allaire added, “We are excited to work with SBI to establish new standards in finance in Japan.”
SBI Shinsei Bank will provide banking services for Circle to enable access to and liquidity of USDC for businesses and users based in Japan.