Stablecoin Issuer Circle Teams Up With Japan's SBI Holdings To Maximize USDC Presence
Portfolio Pulse from Khyathi Dalal
Circle, the issuer of the USDC stablecoin, has partnered with SBI Holdings to expand the use of USDC and Circle's Web3 services in Japan. The collaboration aims to ensure compliance with stablecoin regulations and seeks approvals for SBI VC Trade Co to operate as an electronic payment instruments service. SBI Shinsei Bank Ltd. will provide banking services to support stablecoin access and liquidity in Japan. The partnership aligns with Japan's revised Payment Services Act and SBI's digital asset strategy.
November 27, 2023 | 2:54 pm
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The partnership between Circle and SBI Holdings is expected to enhance the presence and usage of USDC in Japan, potentially increasing demand and stability for the stablecoin.
The agreement with SBI Holdings is likely to facilitate the wider adoption of USDC in Japan, which could lead to increased demand for the stablecoin. As the partnership aims to comply with local regulations, it may also enhance the credibility and stability of USDC in the Japanese market. However, the impact on price is limited due to the nature of stablecoins, which are designed to maintain a stable value.
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