Circle’s USDC stablecoin is set to launch on Japan’s SBI VC Trade crypto exchange, following regulatory approval granted three weeks prior. The March 24 announcement marks a significant step for USDC’s presence in the Japanese market.
Circle’s USDC stablecoin is coming to major Japanese exchanges
The stablecoin will be listed on SBI VC Trade through a joint venture between SBI Holdings and Circle Japan KK. This followed SBI VC Trade securing the first regulatory approval under Japan’s Financial Services Agency’s stablecoin framework on March 4.
Circle plans to expand USDC listings to other major Japanese crypto exchanges, including Binance Japan, bitbank, and bitFlyer. Bitbank and bitFlyer are two significant players with their monthly website views totaling more than 1.85 million.
Circle CEO Jeremy Allaire highlighted, in a March 24 X post, that the approval came after two years of negotiations. Allaire emphasized that the move also opens opportunities in payments, cross-border finance, commerce, and foreign exchange.
SBI Holdings CEO Yoshitaka Kitao stated that the USDC launch would improve financial accessibility and foster crypto innovation in Japan. Kitao added that this aligns with the company’s vision of a future for payments and blockchain-based finance within the country.
USDC and Circle’s EURC stablecoin were recognized as the first foreign stablecoins under Dubai’s Financial Services Authority’s new regime on Feb. 24. This recognition allows firms in the Dubai International Financial Centre to use these stablecoins in various digital asset services.
According to CoinGecko, USDC is the second-largest stablecoin by market capitalization, standing at $59.7 billion, while Tether’s USDT leads with $143.8 billion.
