According to official news, Circle announced the signing of a memorandum of understanding with SBI Holdings to promote the circulation of USDC, establish banking relationships and promote the use of Circle’s Web3 services in Japan.
This cooperation is initially dedicated to the circulation of USDC and expanding the use of stablecoins in Japan. SBI Group and Circle have also committed to properly comply with stablecoin-related regulations, including communication with Japanese regulators. In order to circulate the USDC stable currency within Japan, SBI VC Trade Co., Ltd. is seeking to register as an electronic payment instrument service, which is subject to approval by the authorities.
SBI Shinsei Bank will also provide banking services to Circle, enabling Japanese businesses and users to use USDC and obtain liquidity. In addition, as part of SBI Group’s digital asset portfolio strategy, SBI Group will also adopt Circle’s Web3 service solutions such as programmable wallets, blockchain infrastructure and smart contract management tools.