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Circle’s USDC has become the first dollar-backed cryptocurrency to receive regulatory approval in Japan. The company, in partnership with SBI Holdings, is set to commence operations in the country. USDC is expected to start trading on exchanges in March.
USDC Receives Official Approval in Japan
Global financial technology firm Circle has obtained the necessary regulatory approval to launch its dollar-backed stablecoin USDC in Japan. The Financial Services Agency (FSA) has accepted USDC under the new cryptocurrency regulations in the country. With this approval, USDC is officially recognized as the first dollar-supported cryptocurrency able to trade in Japan.
Circle’s operations in Japan will be conducted through its local entity, Circle Japan KK. To ensure compliance with regulatory frameworks, Circle has established a strategic partnership with SBI Holdings, one of Japan’s leading financial firms. This partnership is crucial for achieving technical compatibility and integrating into the local market.
Exchange Operations and Market Integration
Preparations for USDC to trade on exchanges in Japan are nearing completion. SBI VC Trade, under SBI Holdings, plans to list USDC in March, aiming to provide easy access for both corporate and individual users. This initiative is supported by other major exchanges in the country, including Binance Japan, bitbank, and bitFlyer, which are expected to list USDC as well.
The listing of USDC is poised to significantly enhance market liquidity and trading volumes. Given Japan’s stringent regulations on digital currencies, transactions conducted through official channels can increase user safety. Officials emphasize that the compliant trading of USDC could bring positive developments for the cryptocurrency market, establishing a bridge between traditional finance and digital finance.
Circle aims to use USDC not only for investment but also for digital financial solutions. The company plans to expand USDC integration in areas such as cross-border money transfers and payment systems. Collaborations with financial technology providers and traditional banks in Japan are also on the agenda.
