In a significant step towards the global adoption of stablecoins, Circle’s USDC will soon be supported by the crypto division of Japan’s SBI financial services group. SBI Group is a large conglomerate involved in various industries, ranging from banking to biotechnology. The company’s crypto arm, VC Trade, has been operating for nearly a decade and facilitates digital assets, including bitcoin, Ether, and XRP.
The First and Only Company in Japan
Until two years ago, Japan had imposed a ban on stablecoins pegged to foreign currencies. While the country’s regulations have evolved since then, there remained uncertainty about when a stablecoin tied to the US dollar would be allowed. Recent developments, however, suggest that this is now a reality.
SBI VC Trade’s CEO, Tomohiko Kondo, shared that the company had received official confirmation from the Kanto Regional Financial Bureau in Tokyo, registering it as an operator of electronic payment instrument trading. This approval paves the way for the platform to initiate a trading trial for USDC with a select group of users later this month. A full-scale rollout of the stablecoin will follow soon after.
Kondo also mentioned that SBI VC Trade is the “first and only company in Japan” to acquire a license for stablecoin operations. Circle’s CEO and founder, Jeremy Allaire, supported this statement, emphasizing that USDC is now the “first and only global dollar stablecoin to be authorized for use in Japan.”
🇯🇵 Big news in Japan!@sbivc_official is now a registered Electronic Payments Provider under JFSA’s new framework and they plan to be the first to list USDC in the market!
A major step forward for trusted, fully reserved digital dollars in a regulated market. Excited to see… https://t.co/PyL1mpKKrK
— Circle (@circle) March 4, 2025
Expanding Worldwide Presence
Circle has been focusing on expanding the global availability of USDC, which has recently met the requirements of Canadian regulators. The Canadian Securities Administrators introduced regulations to define Value-Referenced Crypto Assets (VCRA), covering digital assets that track the value of fiat currencies. USDC is the only stablecoin that has successfully complied with Canada’s new rules as of December.
While Circle’s expansion efforts are evident, Tether’s USDT stablecoin still leads the market by a significant margin, with a market capitalization more than double that of USDC. Other stablecoins from projects like Dai, Ethena, and PayPal’s PYUSD also compete for market share, presenting challenges to Circle’s position. Nevertheless, Circle continues to differentiate itself in the crowded stablecoin market.
Joel Hugentobler, a cryptocurrency analyst at Javelin Strategy & Research, noted, “At the end of the day, they’re all pretty much the same product, but they’re not managed the same.” He further pointed out that Circle’s efforts to comply with regulations in different jurisdictions may attract more retail users to its platform, given the reduced risks. “A lot of institutions prefer USDC over Tether currently, and this trend is likely to continue,” he added.
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