The cryptocurrency market is continuing to see groundbreaking developments take place this year as Circle’s USDC is set to be the first US dollar stablecoin in Japan. Indeed, SBI VC Trade has gained regulatory approval under the Japan Financial Services Agency’s (JFSA) new framework to act as a digital payment provider in the country.
The approval now allows the exchange to offer stablecoins. Moreover, it will be the first in the country to list and distribute Circle’s USDC, the second largest stablecoin by market cap, behind only Tether’s USDT.
USDC becomes the first and only global dollar stablecoin to become approved for use in Japan!
Congrats to SBI for being the first to be permitted to list and distribute USDC.
And much more to come from Circle in Japan soon. https://t.co/nO732URA7R— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 4, 2025
Also Read: Coinbase, Aston Martin Announce Partnership Paid in Stablecoins
Circle USDC Now First USD Stablecoin in Japan After Regulatory Win
In late February, Bank of America CEO Brian Moynihan announced that the bank would launch its very own USD-pegged stablecoin. Moreover, late last year, Ripple announced the arrival of its very own stablecoin pegged to the same US dollar. Altogether, both showcase the growing prevalence of the industry and denote what could be a surging market.
Tuesday saw the stablecoin industry take another leap forward in terms of its expansion. Indeed, Circle USDC will officially become the first US dollar stablecoin in Japan. Specifically, SBI VS is set to be the first to list the asset after receiving landmark regulatory approval.
Also Read: US Gets Newly Proposed Stablecoin Regulation in Bipartisan Bill
“USDC becomes the first and only global dollar stablecoin to become approved for use in Japan,” Circle CEO Jeremy Allaire wrote. Moreover, the move comes after Japan brought forth regulatory changes in 2023. Specifically, it paved the way for certain licensed institutions to handle foreign stablecoins.
The development continues the ongoing battle for stablecoin supremacy between Circle and Tether. This brings the former a step closer to the industry leader. Indeed, the platform is set to launch USDC trading for specified users on March 12th. Additionally, a full-scale rollout is expected in the near future.