Circle partners with Japan’s SBI Holdings for USDC adoption

Circle brings the USDC to Japan thanks to a partnership with SBI Holdings, marking a major step for the adoption of stablescoin in the country.

According to a press release from March 25 statementSBI VC Trade, an exchange of crypto under SBI Holdings, will start the USD part on a large scale (USDC) Negotiation on March 26. USDC is now the first stablecoin to an international dollar to be legally recognized as part of the stablecoin in Japan, following the regulatory approval of the country’s financial service agency.

For two years, Circle has been working with banking partners and regulators to make this possible. According to Circle’s chief executive officer, Jeremy Allaire, Japan’s transparent regulations in Stablage offer important perspectives for cross -border transactions, digital payments and financial innovation.

“We are honored to bring the USDC to companies and consumers on the market, and with Circle Japan KK and the strong support of SBI holdings and leading exchanges, the USDC is positioned as a secure and transparent digital dollar which meets the needs of the evolving digital economy of Japan.”

– Jeremy Allaire, CEO of Circle.

SBI Holdings considers this as a critical step to improve the conviviality and accessibility of digital assets for consumers and businesses. In addition to the SBI VC trade, the USDC will soon be listed by Binance Japan, Bitbank and Bitflyer, further expanding its scope.

Circle also increased the adoption of the USDC outside Japan. On March 20, GCASH, the largest digital portfolio in the Philippines with around 100 million users, added USDC care. Stablecoins are starting to play a more important role in the GCASH funds market, which manages more than $ 65 billion in transactions per year.

In Dubai, the USDC and the EURC supported by Euro de Circle have become the first stablecoins to be allowed In the new framework of the Dubai Financial Services Authority. They are now available for companies operating in the Dubai economic area, approved for use in financial services, treasure operations and payments.

With 2.6 billion dollars struck in the last 30 days, the USDC market capitalization on March 25 is $ 59.75 billion, according to data de Defillama. Even if the attachment (USDT), The main competitor of Circle, still holds 61.93% of the market share of the stablescoin, the regulatory examination of the company is developing in particular in Europe, where it was scraped of several exchanges.

On the other hand, Circle continues to improve its position as a regulated stablecoin and widely accepted by adhering to regulations markets on cryptographic authorities.