The agreement was made in a memorandum of understanding, but SBI Holdings must first register as an electronic payment instruments service provider in the country.
Circle, the stablecoin issuer behind USD Coin (USDC), is teaming up with Tokyo-based financial services firm SBI Holdings to boost the adoption of USDC and Web3 services in Japan.
Circle said it concluded a memorandum of understanding (MOU) with SBI Holdings on Nov. 27, which will underpin the strategic expansion of USDC into Japan.
It comes as the Japanese government revised the Payment Services Act in June to establish regulations
for stablecoins, which Circle believes will “stimulate the issuance and circulation of stablecoins in Japan
and advance Japan’s transition towards a Web3 economy.”
To initiate the circulation of USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, which is subject to approval by Japanese authorities.
SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass stablecoin adoption in the country.
“Japan is steadily preparing the groundwork for the full-scale introduction of stablecoins [and] we are
very pleased to have signed a basic agreement for a comprehensive business alliance with Circle.”
Circle’s CEO Jeremey Allaire added that the partnership “represents a shared vision for the future of digital currency” in Japan and Asia and is a “milestone” for Circle as part of its expansion plan into the region.
He added that Circle will also work with SBI to promote the adoption of Circle’s full-stack Web3 Services
suite, which provides and end-to-end development, deployment and operations platforms for building
and operating Web3 apps across blockchains. “Think games, culture and consumer entertainment,” Allaire said.