USDC

Coin

Circle, the issuer of the second largest stablecoin by capitalization, USD Coin (<a href="https://crypto.news/price/usd-coin/">USDC</a>), has entered into a partnership agreement with Tokyo-based financial services company SBI Holdings. 
SBI Group and Circle have also <a href="https://www.circle.com/en/pressroom/sbi-holdings-partners-with-circle-to-pioneer-digital-currency-innovation-in-japan-with-usdc-banking-and-web3-services" data-type="link" data-id="https://www.circle.com/en/pressroom/sbi-holdings-partners-with-circle-to-pioneer-digital-currency-innovation-in-japan-with-usdc-banking-and-web3-services" target="_blank" rel="noopener">committed</a> to properly complying with regulations related to stablecoins, including communication with authorities. To circulate USDC stablecoins in Japan, SBI VC Trade Co., Ltd. (head office: Minato-ku, Tokyo) is seeking registration as an electronic payment instrument service, which is subject to government approval. 
The goal of the collaboration is to adapt the token and its own Web3 services in Japan, Circle says on its website. The parties came to an agreement against the backdrop of active work by the Japanese authorities on the formation of legal standards for stablecoins. 
 You might also like: <a href="https://crypto.news/japan-to-lift-its-ban-on-foreign-stablecoins-in-2023/"> Japan to lift its ban on foreign stablecoins in 2023 </a> 
<blockquote class="wp-block-quote"> 
 “Our partnership with SBI Holdings represents a shared vision for the future of digital currency, and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific.” <cite>Jeremy Allaire, CEO and co-founder of Circle</cite>
</blockquote> 
Earlier, in July 2023, the Circle team <a href="https://crypto.news/circle-eyes-stablecoin-launch-in-japan-as-new-policies-take-effect/">announced</a> plans to launch a stablecoin in Japan. Under new Japanese legislation, stablecoins are given the status of digital money. According to Jeremy Allaire, CEO and co-founder of Circle, the adopted document is an important step towards Japan becoming one of the first countries to prepare a legal framework for regulating such crypto-assets. 
At the same time, transactions with stablecoins linked to rates of currencies other than the yen, such as USDT, are prohibited in Japan. From May 6, this ban will be lifted and banks will be able to issue stablecoins pegged to different world currencies. 
 You might also like: <a href="https://crypto.news/japans-first-bank-supported-digital-currency-coming-in-2024/"> Japan’s first bank-supported digital currency coming in 2024 </a>

Circle partners with SBI Holdings to offer potential stablecoins in Japan

crypto.news

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