Hassan Maishera
TL;DR
- SBI is set to register in Japan to help with the circulation of the USDC stablecoin in the country.
- SBI Shinsei Bank will offer banking services for Circle in the Asian country.
Circle To Expand Its USDC Presence In Japan
Circle, issuer of the USDC stablecoin, partnered with Japanese securities and banking giant SBI Holdings, to boost its presence in the Asian country.
According to the statement issued earlier today, the blockchain company said it signed an MoU with SBI Holdings. The MoU involves SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan.
SBI VC Trade is set to register in Japan as an electronic payment service provider as it seeks to circulate USDC stablecoins within Japan.
The team revealed that SBI Shinsei Bank will also provide banking services to Circle. Circle said,
“This will enable USDC access and liquidity for Japan-based businesses and users. 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.”
While commenting on the partnership with SBI Holdings, Jeremy Allaire, CEO and co-founder of Circle, said,
“The partnership 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.”
Japan remains one of the countries in the world that is actively working to establish stablecoin-related regulations. The government is working to protect stablecoin investors following the TerraUSD implosion last year.
SBI Holdings has been expanding its presence in the cryptocurrency space. A few weeks ago, SBI Holdings partnered with SC Ventures, the investment arm of Standard Chartered, to launch a $100 million crypto vehicle in the United Arab Emirates.
