USDC stablecoin to make Japan debut in SBI tie-up

Nov 28, 2023 | News On Japan

Nov 28, 2023 (Nikkei) - Japanese financial group SBI Holdings has partnered with U.S.-based Circle Internet Financial to make the company's USDC the first foreign stablecoin to circulate in Japan as soon as next year.

A stablecoin is a type of cryptocurrency pegged to an asset like legal tender or gold, helping to stabilize its value.

Stablecoins like Tether and USDC are popular overseas for cross-border payments. In Japan, legislation that went into effect in June allows banks, fund transfer operators and trust companies to issue them.

SBI VC Trade, an SBI Holdings-affiliated crypto asset exchange, will begin handling USDC after registering as an electronic payment method provider.

USDC's market capitalization was $24.4 billion as of Friday, according to crypto website CoinMarketCap. It had been used for more than $12.7 trillion in transactions as of Nov. 17.

SBI VC will also consider handling a euro-backed stablecoin issued by Circle. SBI group member SBI Shinsei Bank will provide banking services support to Circle in Japan. ...continue reading

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