USDC Expands Its Operations Into the Japanese Market Targeting Both Institutional and Retail Investors

Circle, the company behind the widely used dollar-pegged stablecoin USDC, has officially expanded its operations into the Japanese market.

Circle, the company behind the widely used dollar-pegged stablecoin USDC, has officially expanded its operations into the Japanese market. This move follows a significant milestone: USDC has become the first dollar-backed stablecoin to receive regulatory recognition in Japan.

Circle Japan KK, a subsidiary of Circle, will introduce USDC in Japan in partnership with SBI Holdings. This regulatory approval from Japan’s Financial Services Agency (FSA) is a major step for the adoption of stablecoins in the country.

How Will USDC Impact Japan’s Digital Asset Scene?

SBI VC Trade, a subsidiary of SBI Holdings, will launch USDC on March 26th. This will mark the initial adoption of USDC by digital asset exchanges in Japan. Afterward, major exchanges like Binance Japan, Biobank, and bitFlyer are expected to list USDC.

According to the official announcement, the introduction of USDC is anticipated to boost liquidity for both institutional and retail investors within the Japanese digital asset market. In the past 24 hours, bitbank reportedly processed over $25 million in trades, and bitFlyer is said to have experienced similar trading volumes.

What is Circle’s Vision for the Japanese Market?

Jeremy Allaire, CEO of Circle, stated that USDC will offer Japanese businesses and consumers a secure and transparent digital dollar.

“We are honored to bring USDC to businesses and consumers in the market… USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan’s evolving digital economy.”

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What Backing and Trustworthiness Does USDC Offer?

USDC is backed by traditional fiat currencies and secured coins held in regulated financial institutions. To ensure transparency and prevent manipulation, third-party auditors conduct monthly attestations of USDC’s reserves, contributing to the stablecoin’s trustworthiness.

SBI VC Trade Secures Japan’s First License for USDC Stablecoin Trading

Currently, USDC is one of the leading circulating stablecoins, boasting a market capitalization of $59.7 billion.