Circle Expands USDC (USDC) Into Japan, Becoming the First and Only Stablecoin Officially Approved for Use

Circle's USDC (USDC) has become the first and only stablecoin officially approved for use in Japan's regulated financial market.

Circle's USDC is now officially approved for use in Japan's regulated financial market, making it the first and only stablecoin to gain such clearance in the country.

Circle, the company behind the dollar-backed stablecoin, announced on Thursday that its local entity, Circle Japan KK, has completed the necessary procedures to enable USDC on SBI VC Trade, a cryptocurrency exchange and subsidiary of SBI Holdings.

The launch will take place on March 26, 2025. After SBI VC Trade secured regulatory approval from the Japan Financial Services Agency (JFSA) on March 4, 2025, it will be the first to list USDC.

Other prominent exchanges in Japan, including Binance Japan, Bitbank, and BitFlyer, are set to follow suit later this year, further expanding USDC's reach in the region.

This development marks a significant step toward mainstream adoption of the stablecoin in one of Asia's largest economies. It follows shortly after the Philippines' leading digital wallet, GCash, added support for the dollar-backed coin.

In a joint statement, SBI Holdings and Circle confirmed their strategic partnership to integrate USDC into Japan's digital asset market. The partnership will see SBI VC Trade integrating USDC for trading on March 26, 2025.

"We are pleased to announce that we have completed the procedures necessary to enable USDC on SBI VC Trade, following the JFSA's approval of SBI VC Trade on March 4, 2025, and the grant of a Type 1 financial instruments business license to SBI Holdings in May 2023," the company explained in a press release.

The integration of USDC into Japan's digital finance ecosystem aims to provide seamless and cost-effective solutions for payments, settlements, and treasury operations.

"We have spent 2+ years engaging with Japan’s regulators, major industry players, strategic partners, banking partners, and others to enable USDC for the Japanese market, which unlocks tremendous opportunities not just in trading digital assets but more broadly in payments, cross-border finance and commerce, FX and more," said Jeremy Allaire, Co-founder and CEO of Circle.

"We are proud to have worked closely with SBI Holdings to achieve this important milestone."

This initiative highlights Japan's role in facilitating innovation in blockchain technology and digital finance. With clear regulations on stablecoins already in place, the country is setting an example for other nations to follow.

"We are also pleased to welcome Circle, a leading U.S. company, to Japan. We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan," said Yoshitaka Kitao, President and CEO of SBI Holdings.

The launch of USDC on SBI VC Trade marks a turning point in Japan's integration of digital assets into its mainstream financial system.