USD today stablecoin Issuer Circle announced that they have launched a strategic partnership with SBI Holdings to introduce stablecoin USD (USDC) to the Japanese market. This collaboration comes as a response to the Japanese government’s aim to encourage the growth of the Web3 industry and implement new stablecoin regulations.
In a note, Circle Co-Founder and CEO Jeremy Allaire emphasized the importance of Japan’s regulatory clarity. This makes it the first major government worldwide to set such comprehensive guidelines for stablecoins. Regulations set by the Japan Financial Services Agency (JFSA) ensure that stablecoins that comply with high standards can circulate in Japanese markets.
He noted that SBI Holdings, led by Chairman Mr. Kitao, is a key player in Japan’s financial world as it operates a diversified conglomerate. This includes the largest online retail brokerage, digital bank and retail FX platforms. He added that Mr. Kitao, a long-term advocate of blockchain technology, brings extensive experience with a shared vision for the transformative potential of the new Internet financial system.
The primary goal of the partnership will be to introduce USDC to the Japanese market and comply with JFSA stablecoin laws. Once launched, USDC is expected to become a leading stablecoin supporting the emerging on-chain economy and various consumer-centric Web3 product categories in Japan’s digital asset markets. According to the memo, Circle is part of SBI Group’s retail and crypto- Its partnership with its platforms is expected to drive the adoption of USDC as a digital dollar in the market.
Will Japan Lead the Web3 Evolution?
Koinfinans.com According to the statement, the partnership also facilitates direct banking between Japan and Circle’s USDC treasury and exchange operations. This move will ensure uninterrupted liquidity between JPY and USDC through Japan’s domestic banking system. However, the same thing was done in Singapore.
Circle’s CEO noted rapid growth in large Japanese consumer-facing companies entering the Web3 space. However, Circle plans to collaborate with SBI to promote the adoption of Circle’s Web3 Services suite. This suite offers end-to-end development, deployment and operational support for building and running Web3 applications on various blockchain networks. This will specifically focus on gaming, culture and consumer entertainment.