Circle, the issuer of the USDC stablecoin, has partnered with SBI Holdings, a Japanese securities and banking giant, to expand its presence in Japan. The partnership will initially focus on circulating USDC and increasing the use of stablecoins in Japan.
On Monday, Circle reported an agreement with SBI Holdings. They shared a Memorandum of Understanding. The document shows how SBI Group and Circle will work together. They will boost the use of USDC and expand the use of stablecoins in Japan.
SBI VC Trade is currently working on becoming a digital payment service in Japan. This effort is intended to help circulate USDC stablecoins in the nation. Japan, which holds the title of the world’s third strongest economy, is expected to drop to fourth place this year, according to a forecast by the International Monetary Fund.
According to a report, SBI Shinsei Bank plans to provide banking services to Circle. The joint effort will help businesses and users in Japan have better access and liquidity to USDC. SBI Group is also looking into adding Circle’s Web3 Services solutions, like Programmable Wallet, innovative contract control tools, and blockchain framework to their digital asset strategy.
Circle’s Visionary SBI Partnership: USDC Milestone In Japan
Jeremy Allaire, the CEO and co-founder of Circle, stated the partnership with SBI Holdings reflects a shared outlook for the progress of digital currency. Additionally, he perceived it as a significant landmark for Circle’s growth plans in Japan and the Asia Pacific zone.
Meanwhile, Circle’s teamwork in Japan comes after the nation revamped its Payment Services Act in June. This act put new rules in place for stablecoins. Japan’s government wanted to protect investors after the TerraUSD crash.
SBI Holdings, a company with a solid background in cryptocurrency, recently partnered with SC Ventures. SC Ventures is Standard Chartered’s investment sector. Together, they started a new project in the United Arab Emirates. The project involves a massive $100 million cryptocurrency initiative and started earlier this month.
In Sep, Binance shared news of teaming up with a division of the Japanese MUFG bank. However, they plan to assess the possibility of creating a new stablecoin linked to real-world money. Its announcement signified Binance’s second venture into the Japanese sphere.
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