USDC

Coin

<div class="cryptonews">
 <p class="is-style-lead">Circle, the issuer of the second largest <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> by capitalization, USD Coin (USDC), has entered into a partnership agreement with Tokyo-based financial services company SBI Holdings.</p>
 <p>SBI Group and Circle have also committed to properly complying with regulations related to <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s, including communication with authorities. To circulate USDC <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s 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.</p>
 <p>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 <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Japan to lift its ban on foreign stablecoins in 2023
 </div>
 <blockquote class="wp-block-quote">
  <p>“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.”</p> <cite>Jeremy Allaire, CEO and co-founder of Circle</cite>
 </blockquote>
 <p>Earlier, in July 2023, the Circle team announced plans to launch a <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> in Japan. Under new Japanese legislation, <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s 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.</p>
 <p>At the same time, transactions with <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s 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 <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s pegged to different world currencies.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Japan’s first bank-supported digital currency coming in 2024
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/circle-partners-with-sbi-holdings-to-offer-potential-stablecoins-in-japan-tbt71702.html">https://thebittimes.com/circle-partners-with-sbi-holdings-to-offer-potential-stablecoins-in-japan-tbt71702.html</a></p>

Circle partners with SBI Holdings to offer potential stablecoins in Japan

TheBitTimes

Other articles published on Nov 27, 2023

Inferno Drainer announces plans to halt its operations

XRP Lawyer John Deaton Slams Former SEC Officials for Market Regulation Failure

How to Be Early in the Next Big Crypto Gem

Status Crypto: SNT Crypto Price is Trading Above the Key EMAs

Meta Platforms Encounters Another Data Breach Claim From Users

Terra’s USTC stages rally with 150% surge over 24 hours

Join our free newsletter for daily crypto updates!