Circle, the issuer of the USDC stablecoin, announced its launch on the Japanese cryptocurrency exchange SBI VC Trade on March 26. This follows approval from the Japan Financial Services Agency.
Circle Announced the Launch of USDC in Japan
The USDC launch was announced three weeks after SBI VC Trade obtained the first regulatory approval in the industry on March 4. Circle CEO Jeremy Allaire noted that this development unlocks new opportunities for trading digital assets, payments, and international finance.
Regulatory Approval and Its Significance
USDC became the first global dollar stablecoin approved for use in the Japanese market. This was made possible by the new legislative framework in Japan, implemented in 2023, requiring stablecoins to be pegged to the yen or another currency and allowing redemption at face value.
Prospects for USDC in Japan
Circle plans to list USDC on Japanese exchanges such as bitbank and bitFlyer in the near future. SBI Holdings CEO Yoshitaka Kitao highlighted that the launch of USDC would spur cryptocurrency innovation and enhance financial accessibility in Japan.
The launch of USDC in Japan paves the way for advancements in blockchain technology within the country and globally, setting the stage for future innovations in digital finance.
