- Circle will launch USDC in Japan on March 26 following a strategic partnership with SBI Holdings
- The move follows Japan’s new stablecoin law, which created a regulatory path for fiat-backed tokens
- SBI VC Trade has received regulatory approval and will begin USDC distribution tomorrow
Circle has deepened its push into Japan’s digital finance sector, announcing the launch of its USDC stablecoin through a partnership with SBI Holdings. The launch follows months of groundwork, including a 2023 agreement aimed at boosting Web3 adoption and making USDC a dominant digital dollar in Japan’s evolving stablecoin market. Circle’s presence in Japan will be anchored by Circle Japan KK, a newly formed local entity, which has met all the new compliance regulations.
Regulatory Opening Sets Stage for Launch
In November 2023, Circle and SBI Holdings signed a memorandum of understanding to collaborate on stablecoin adoption. Their aim was clear: to “stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy.” That groundwork has now paid off, with SBI VC Trade receiving approval from Japan’s Financial Services Agency to list and distribute USDC under the country’s new stablecoin framework.
Japan’s updated Payment Services Act, enacted in mid-2023, created the world’s first legal category for fiat-backed stablecoins. Circle’s USDC, which is backed 1:1 by U.S. dollars and cash equivalents, meets the criteria and has become the first global stablecoin to operate under the revised law.
A Strategic Partnership with Local Muscle
USDC’s rollout begins March 26 through SBI VC Trade, with other major Japanese crypto exchanges — Binance Japan, bitbank, and bitFlyer — planning to list the token soon after. The expansion will include integration with Circle’s Web3 services, such as programmable wallets and blockchain infrastructure. Circle will be represented in Japan by Circle Japan KK, a newly formed local entity.
Circle CEO Jeremy Allaire noted in a press release how “Japan has long been at the forefront of the adoption of Web3 and blockchain technology,” adding that Circle are “honored to bring USDC to businesses and consumers in the market.” Yoshitaka Kitao, CEO of SBI Holdings, added, “SBI Group is committed to wholeheartedly working towards realizing new financial possibilities using stablecoins.”
The launch represents a milestone not just for Circle, but for stablecoin regulation worldwide. As Japan becomes a proving ground for legally compliant digital dollars, Circle’s success may pave the way for broader adoption in other markets.
