Japan's Digital Economy Is About to Reach a Milestone as USDC Starts Trading on SBI VC Trade

This comes after USDC became the first foreign dollar-backed stablecoin to be legally recognized as part of Japan's stablecoin system

Japan’s digital economy is about to reach a milestone as SBI VC Trade, SBI Holdings' cryptocurrency exchange, will start full-scale trading of USD Coin (USDC) on March 26, according to an announcement by the company on Friday.

This development comes after USDC became the first foreign dollar-backed stablecoin to be included in Japan’s stablecoin system, which is regulated by the Financial Services Agency (FSA).

Over the past two years, Circle, the issuer of USDC, has been actively working with Japanese regulators and banking partners to introduce USDC in the country.

This integration acknowledges Japan’s open regulatory regime, which offers opportunities for digital trade, cross-border payments, and financial innovation.

"We are thrilled to bring USDC to businesses and consumers in Japan, 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," said Jeremy Allaire, CEO of Circle.

This launch isn't just about adding another trading pair; it's about trust and compliance. Japan's framework provides clarity for businesses and consumers, making USDC more than just a cryptocurrency; it becomes a tool for innovation and stability.

While Japan marks a key milestone, Circle has been actively expanding USDC's footprint globally. Earlier this month, GCash, the country's largest mobile wallet with a user base of about 100 million, rolled out support for USDC.

This integration further positions USDC in the Philippines' $65 billion yearly remittance market, facilitating faster and more efficient cross-border payments.

Furthermore, USDC and Circle's euro-backed stablecoin EURC have been approved in Dubai as the very first stablecoins under the new regime of the Dubai Financial Services Authority.

The approval will allow companies operating within the Dubai Multi Commodities Centre (DMCC) free zone to use these stablecoins for treasury, financial services, and payment transactions.

The integration of USDC in Japan marks a significant step in the convergence of blockchain technology and traditional finance. As Japan continues to foster a conducive environment for digital assets, we can expect to see further advancements in the country's digital economy.