Circle is bringing USDC to Japan through a partnership with SBI Holdings

marking a major step for stablecoin adoption in the country.

Circle is bringing USDCoin (USDC) to Japan through a partnership with SBI Holdings, a major step for the stablecoin’s adoption in the country.

SBI VC Trade, a crypto exchange operated by SBI Holdings, will begin full-scale USDC trading on March 26, according to a March 25 announcement by the firm.

The dollar stablecoin is now the first international token to be fully recognized under Japan’s stablecoin framework following regulatory approval from the Financial Services Agency.

After two years of working with banking partners and regulators to make this possible, the legal and regulatory groundwork has been laid for USDC to be widely used by businesses and consumers in Japan, said Jeremy Allaire, CEO of Circle. He added that the country’s transparent stablecoin regulations present significant opportunities for cross-border transactions, digital payments, and financial innovation.

“We are honored to bring USDC to businesses and consumers in the market, and with Circle Japan KK and the strong support of SBI Holdings and leading exchanges, USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan’s evolving digital economy.”

This move is part of SBI Holdings’ broader strategy to enhance the usability and accessibility of digital assets for both consumers and businesses. In addition to SBI VC Trade, USDC will also be listed by Binance Japan, bitbank, and bitFlyer, further expanding its reach within the country.

This development follows Circle’s efforts to expand USDC adoption outside of Japan. On March 20, GCash, the largest digital wallet in the Philippines with around 100 million users, announced the addition of support for USDC. Stablecoins are beginning to play a bigger role in GCash's remittance market, which handles over $65 billion in transactions annually.

In Dubai, USDC and Circle’s euro-backed EURC became the first stablecoins to be authorized by the Dubai Financial Services Authority under their new framework. They are now available to firms operating within Dubai’s economic free zone, approved for use in financial services, treasury operations, and payments.

With $2.6 billion minted in the last 30 days, USDC's market capitalization as of March 25 is $59.75 billion, according to data from DefiLlama. While Tether (USDT) still holds 61.93% of the stablecoin market share, regulatory scrutiny of the company is increasing especially in Europe, where it has been delisted from several exchanges.

On the other hand, Circle continues to improve its standing as a regulated and widely accepted stablecoin by adhering to the Markets in Crypto Authority regulations.