Circle Launches USDC in Japan Through a Subsidiary
SBI VC Trade, a cryptocurrency exchange subsidiary of Japan’s SBI Holdings, has become the first Japanese firm to be licensed as an “Electronic Payment Instruments Exchange Service Provider.”
This license allows it to handle offshore stablecoins like Circle’s USDC. In late 2023, SBI Holdings and Circle entered a collaboration to introduce USDC in Japan.
Already licensed as a crypto exchange and for securities, SBI VC Trade plans to launch a beta version of USDC services in ten days.
This development is significant for two reasons. First, the USD–Yen exchange rate is crucial; stablecoins have mostly been used for crypto transactions and for residents of emerging markets to hold dollars, as well as for cross-border payments predominantly in these regions.
