Circle Plans to Boost USDC Presence in Japan
In order to increase the use of USDC and Web3 services in Japan, Circle has entered into a partnership with SBI Holdings, a financial services firm based in Tokyo.
On November 27, Circle and SBI Holdings signed a Memorandum of Understanding (MOU) to strategically expand the use of USDC in Japan.
This agreement comes after the Japanese government’s revision of the Payment Services Act in June, which includes regulations for stablecoins.
Circle believes that this will encourage the circulation and issuance of stablecoins in Japan and support the country’s move towards a Web3 economy.
SBI Holdings is currently applying for registration as an electronic payment instruments service, pending approval from Japanese authorities. Once approved, this will pave the way for the introduction of USDC in Japan.
