Circle, the creator of the USDC stablecoin, has made a landmark announcement: its digital currency has received regulatory approval for launch in Japan, making its debut on the SBI VC Trade crypto exchange on March 26. This comes three weeks following the Japanese Financial Services Agency granting the exchange regulatory permission to list USDC. This makes it the first exchange to secure such approval under the country’s stablecoin regulatory framework.
What’s next on the cards for Circle? Potential expansions include listing USDC on more significant Japanese crypto platforms like Binance Japan, bitbank, and bitFlyer. The last two exchanges have been significantly active in the crypto trading scene, seeing over $25 million each in processed transactions and accumulating over 1.85 million visits to their respective websites in just a month.
The launch of USDC in Japan marks the end of two years of negotiations with regulators, banks, and industry players. Circle foresees immense potential in digital assets trading, cross-border transactions, and commerce prompted by this milestone. Yoshitaka Kitao, CEO, and president of SBI Holdings echoed similar sentiments, expecting the launch to enhance financial access and spur cryptocurrency innovation in Japan’s advancing digital economy.
Meanwhile, in another global stride for Circle, its USDC and euro-backed EURC (EURC) stablecoins were recognized as the first stablecoins by the Dubai Financial Services Authority in February. As of now, USDC holds its place as the market’s second-largest stablecoin with a market cap of $59.7 billion.