Circle’s USDC will become the first approved global stablecoin in Japan, launching March 26 on SBI VC Trade, the crypto exchange under SBI Holdings. The announcement follows SBI VC Trade’s receipt of regulatory approval from Japan’s Financial Services Agency earlier this month.
Circle made the news public Tuesday, confirming that its stablecoin will be offered through Circle Japan KK. The company also disclosed plans to expand distribution through other major Japanese exchanges, including Binance Japan, bitbank, and bitFlyer. USDC’s rollout marks the first time a dollar-based stablecoin has cleared Japan’s new regulatory requirements.
Joint Venture with SBI Accelerates Launch
Circle’s entry into the Japanese market stems from a 2023 agreement with SBI Holdings to form a comprehensive business alliance. The partnership includes a joint venture and coordinated efforts to support Web3 and digital asset innovation.
“This initiative will enhance financial accessibility and drive digital asset innovation,”
said Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings.
“It aligns with our broader vision for the future of payments and blockchain-based finance in Japan.”
Circle co-founder and CEO Jeremy Allaire emphasized the effort behind regulatory clearance. “We have spent 2+ years engaging with Japan’s regulators, major industry players, strategic partners, banking partners and others,” Allaire posted on X. “This unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross border finance and commerce, FX and more.”
Japan’s New Stablecoin Framework Opens the Door
The regulatory approval granted to USDC follows Japan’s revised stablecoin rules, implemented in June 2023. The reforms require providers to register under the Funds Settlement Act and the Banking Act before facilitating stablecoin circulation. With its approval, Circle becomes the first stablecoin issuer to meet these conditions.
Circle said its entry into Japan will drive adoption of digital dollar transactions for payments, settlements, and treasury operations. The company will operate through Circle Japan KK and expand its local presence with the help of SBI and other exchanges.
USDC is a fully reserved stablecoin backed 1:1 with U.S. dollars and cash-equivalent assets. Its reserves are held at regulated financial institutions, with third-party monthly attestations to ensure transparency.
According to Circle, establishing a regulated stablecoin in Japan reflects growing institutional trust in USDC’s reliability. It also signals a maturing digital finance market in Japan, where local exchanges are preparing for further listings.
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