Circle’s USD Coin (USDC) has achieved a significant milestone in Japan with regulatory approval for its launch under the country’s stablecoin framework.
The move comes as Japan's Financial Services Agency (FSA) grants the green light for USDC to become the first international dollar-pegged stablecoin officially recognised within the country.
Starting 26 March, the crypto exchange SBI VC Trade, a subsidiary of SBI Holdings, will begin full-scale trading of USDC, opening new doors for the digital dollar in Japan’s growing financial ecosystem.
Circle’s CEO Jeremy Allaire expressed the company’s excitement over this development.
In the official statement released on 25 March, Allaire said,
"We are honored to bring USDC to businesses and consumers in the market, and with Circle Japan KK and the strong support of SBI Holdings and leading exchanges, USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan’s evolving digital economy.”
After years of working with banks and navigating Japan's strict legal landscape, Circle has finally achieved this milestone.
The initial listing on SBI VC Trade is just the beginning for USDC in Japan.
In the near future, major local crypto exchanges such as Binance Japan, bitbank, and bitFlyer are also set to add USDC to their platforms.
Bitbank and bitFlyer are two of the largest exchanges in the country, with substantial daily trading volumes, further solidifying the stablecoin’s growing presence in the Japanese market.
SBI Holdings, a financial powerhouse in Japan, views this as a crucial step towards enhancing digital asset accessibility.
Yoshitaka Kitao, CEO and president of SBI Holdings, noted,
"We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan."
The launch of USDC, according to Kitao, will significantly drive crypto innovation and expand financial accessibility for both businesses and consumers.
Circle’s ambitions with USDC stretch far beyond Japan.
The stablecoin has been making strides in other parts of the world, including the Philippines and Dubai.
In mid-March, GCash, the Philippines' largest digital wallet with over 100 million users, added USDC to its platform.
Circle's expansion into Japan's remittance sector, a market with over $65 billion in annual transactions, represents a key strategic step for the company.
In Dubai, USDC and Circle’s euro-backed EURC stablecoin have become the first to be authorised under the Dubai Financial Services Authority’s new framework.
These stablecoins are now available for use in financial services, payments, and treasury operations within Dubai’s economic free zone.
USDC’s market capitalisation stands at $59.75 billion as of 25 March 2025, with $2.6 billion minted in the past 30 days, according to DefiLlama data.
Despite Tether’s dominance in the stablecoin market, which currently holds 61.87% of the market share, Circle continues to position USDC as a trusted and widely accepted digital dollar, benefiting from its regulatory compliance.
This regulatory approval not only solidifies USDC’s credibility but also opens the door for further expansion into more jurisdictions.
With regulatory clarity in place in Japan and other regions like Dubai, Circle is steadily paving the way for stablecoins to become a core part of the global financial infrastructure.
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