Circle, the issuer of the USDC stablecoin, partnered with Japanese securities and banking giant SBI Holdings to expand its presence in Japan. SBI VC Trade is currently seeking to register in the country as an electronic payment instruments service in an attempt to circulate USDC stablecoins within Japan
the world’s third-largest economy that’s projected to slip to fourth in the world this year according to the estimates of the International Monetary Fund. SBI Shinsei Bank will also provide banking services to Circle, according to the statement. “This will enable USDC access and liquidity for Japan-based businesses and users,
” Circle said in the statement. “Moreover, as part of SBI Group’s digital asset portfolio strategy, SBI Group will also adopt Circle’s Web3 Services solutions such as Programmable Wallet, blockchain infrastructure and smart contract management tools.”.
Jeremy Allaire, CEO and co-founder of Circle, said the partnership with SBI Holdings “represents a shared vision for the future of digital currency, and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific.”