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Circle, the issuer of USDC Coin, is aiming to increase the adoption of USDC and Web3 services in Japan, in collaboration with SBI Holdings.
On November 27th, Circle announced that it had signed a Memorandum of Understanding (MOU) with SBI Holdings for strategic expansion in Japan.
Circle and SBI Holdings are joining forces to boost $USDC circulation and transform the financial landscape in Japan with $USDC and Web3 Services! This partnership signifies a major leap in digital asset innovation and a strategic expansion for $USDC in Asia.
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— Circle (@circle) November 27, 2023
The Japanese government revised the Payment Services Act in June, which led to this situation where Circle believes it will “encourage the issuance and circulation of stablecoins in Japan and promote Japan’s transition to a Web3 economy.”
SBI Holdings has applied to register as an electronic payment instrument service, pending approval from Japanese authorities, to launch USDC’s circulation in Japan. Also, Yoshitaka Kitao, the CEO and President of SBI Holdings, hopes this move will advance the mass adoption of stablecoins in the country.
Circle CEO, Jeremey Allaire, stated that the partnership “represents a shared vision for the future of digital currency in Japan and Asia” and sees this collaboration as a “milestone” for Circle as part of its expansion plan in the region.
He added that working with SBI, will encourage the adoption of Circle’s full-stack Web3 Services package, which provides end-to-end development, deployment, and operation platforms for building and operating Web3 applications on blockchains. Also, Allaire said, “Think of games, culture, and consumer entertainment” in this context.
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