- Circle’s dollar-pegged stablecoin, USDC, has officially launched in Japan.
- USDC is the first dollar-backed stablecoin to be regulated in Japan.
- Circle is partnering with SBI Holdings to introduce USDC in 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 spearhead the introduction of USDC in Japan through a collaboration with a prominent local partner, SBI Holdings. This regulatory approval from Japan’s Financial Services Agency (FSA) is considered a major step forward for the adoption of stablecoins within the country.
How Will USDC Impact Japan’s Digital Asset Scene?
SBI VC Trade, a subsidiary of SBI Holdings, is set to lead the launch of USDC on March 26th. This will mark the initial adoption of USDC by digital asset exchanges in Japan. Following suit, major exchanges such as Binance Japan, Biobank, and bitFlyer are also 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. Over the past 24 hours, bitbank reportedly processed over $25 million in trades, with bitFlyer experiencing similar trading volumes.
What is Circle’s Vision for the Japanese Market?
Jeremy Allaire, CEO of Circle, emphasized the significance of this launch, stating that USDC will offer Japanese businesses and consumers a secure and transparent digital dollar. Allaire commented:
“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.”
Related: Why Cardano Might Choose Ripple’s RLUSD Over Circle’s USDC
What Backing and Trustworthiness Does USDC Offer?
USDC is collateralized 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.
Related: SBI VC Trade Secures Japan’s First License for USDC Stablecoin Trading
Currently, USDC stands as one of the leading stablecoins in circulation globally, boasting a market capitalization of $59.7 billion.
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