Stablecoin issuer Circle Internet Financial has signed a Memorandum of Understanding (MOU) with SBI Holdings to promote the adoption of USDC and Web3 services in Japan.
As part of the agreement, SBI Group subsidiary, SBI VC Trade, will pursue registration as an electronic payment provider to enable USDC circulation in Japan. SBI’s Shinsei Bank will also offer banking services to Circle, facilitating USDC access for Japanese businesses and consumers.
The partnership goes beyond stablecoins, as SBI Group plans to leverage Circle’s suite of Web3 products, including digital wallets, blockchain tools, and smart contract solutions.
According to the stablecoin issuer’s announcement on November 27, 2023, the partnership sets the stage for wider mainstream adoption of stablecoins like USDC in Japan.
“Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s Asia Pacific expansion,” said Circle CEO Jeremy Allaire.
SBI Holdings President and CEO Yoshitaka Kitao echoed the same sentiment, stating,
“We are very pleased to have signed a comprehensive business alliance with Circle. SBI Group is committed to realizing new financial possibilities using stablecoins.”
The partnership will also tap into Japan’s evolving regulatory landscape for digital assets. In June 2023, the nation’s top financial regulator, the Financial Services Agency, revised its Payment Services Act to provide regulations for stablecoins – cryptocurrencies designed to minimize price volatility. The new law is expected to pave the way for greater stablecoin issuance and circulation in Japan, advancing the country’s transition to a Web3 economy.
Notably, this collaboration between Circle and SBI Holdings follows the latter’s recent initiatives in the digital space, including a $100 million digital asset investment fund established in partnership with Standard Chartered’s venture capital arm, SC Ventures, in the United Arab Emirates (UAE). The fund focuses on strategic investments across various digital asset sectors, including infrastructure, decentralized finance, payments, and the metaverse.
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