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Circle's USDC to be First USD Stablecoin in Japan
SBI VC Trade will be the first to list Circle’s stablecoin under the country’s new payments framework.
What to know:
- SBI VC Trade is now a registered Electronic Payments Provider under Japan’s financial regulations
- The exchange will be the first to list and distribute USDC in the country
SBI VC Trade, a subsidiary of financial giant SBI Holdings, has secured regulatory approval as an Electronic Payments Provider in Japan.
The regulatory approval, granted under the Japan Financial Services Agency’s (JFSA) new framework, allows the exchange to offer stablecoins, making it the first in the country to list and distribute USDC.
STORY CONTINUES BELOW
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"USDC becomes the first and only global dollar stablecoin to become approved for use in Japan," wrote Circle CEO Jeremy Allaire.
In Japan, regulatory changes in 2023 cleared the way for licensed intermediaries to handle foreign stablecoins, subject to oversight.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
