Breaking: Japan’s SBI Holdings Inks Deal With Circle To Circulate USDC

SBI Holdings announced it reached a partnership with stablecoin issuer Circle to circulate USDC stablecoins, establish a banking relationship and promote the use of Circle’s Web3 Services in Japan. This move from the Japanese financial conglomerate comes after the country’s government revised regulations for stablecoins in June 2023.

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SBI Holdings & Circle USDC Deal

In a statement, Circle and SBI said they have signed a Memorandum of Understanding (MOU) on works including the two companies working on the circulation of USDC and expanding the use of stablecoins in Japan. In the context of the regulatory hurdles faced by crypto companies across the world, the two companies have committed to properly complying with stablecoin related regulations, including communication with authorities.

The Revised Payment Services Act introduced by the Japanese government on June 3, 2023 states stablecoin related guidelines on the issuance and circulation of stablecoins in Japan and advance the country’s transition towards a Web 3.0 economy. The revised Act also recognizes collateralized stablecoins, which is where claims of Circle’s USDC being 100% backed by highly liquid cash and cash-equivalent assets comes into context, the statement revealed.

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