Japan Set To Welcome First Legally-Backed Dollar Stablecoin: Find Out Which One It Is

Leading stablecoin issuer Circle announced the launch of its USD Coin USDC/USD in Japan on Tuesday through a joint venture with financial conglomerate SBI Holdings Inc. SBHGF.

What Happened: According to a press release, Circle will utilize its Japanese subsidiary, Circle Japan KK, and domestic partnerships to enhance the adoption of its platforms and technologies in Japan. 

The partnerships also encompass a joint venture with cryptocurrency exchange SBI VC Trade, a subsidiary of SBI Holdings, which is slated to fully launch USDC on March 26. Circle added that other major exchanges like Binance Japan, bitbank, and bitFlyer have also expressed interest in listing and distributing USDC.

With this, USDC becomes the first and only global dollar-backed stablecoin approved for use in Japan.

Price Action: In the over-the-counter market, shares of SBI Holdings traded at $29.24, closing up 0.29%, according to data from Benzinga Pro. 

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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