HomeTechCircle to Enter Japanese Market with USDC Launch on March 26

Circle to Enter Japanese Market with USDC Launch on March 26

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Circle is set to launch USDC, its stablecoin, in Japan on March 26, marking a significant milestone for the global stablecoin market and Japan’s blockchain ecosystem, as it partners with local heavyweight SBI Holdings.

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Circle has received regulatory approval from the Japan Financial Services Agency (JFSA) to launch its USDC stablecoin in Japan on March 26, in partnership with local heavyweight SBI Holdings. This marks a significant milestone for both the global stablecoin market and Japan’s blockchain ecosystem.

Key Partnerships and Regulatory Approval

Circle has been engaging with regulators in Japan for two years in preparation for this launch. The company has partnered with SBI Holdings, which has received regulatory approval under the country’s electronics payment framework. This partnership is expected to enhance financial accessibility and drive digital asset innovation in Japan.

‘Japan has long been at the forefront of the adoption of Web3 and blockchain technology,’ said Jeremy Allaire, co-founder and CEO of Circle. ‘We believe this initiative will align with our broader vision for the future of payments and blockchain-based finance in Japan.’

DATACARD
Jeremy Allaire: Co-Founder of Circle and Former President of PayPal

Jeremy Allaire is an American entrepreneur and business executive.

He co-founded Circle, a financial technology company that enables cross-border payments and currency exchange.

Prior to Circle, Allaire served as the president of PayPal from 2001 to 2002.

He played a key role in PayPal's acquisition by eBay for '$1.5 billion.'

Allaire has also held positions at companies like Goldman Sachs and SoftBank.

Market Potential and Competition

cryptocurrency,japan,circle,usdc,blockchain,stablecoin

The launch of USDC in Japan comes weeks after Circle and SBI received regulatory approval from the JFSA earlier in March. The Asia-Pacific region, including Japan, accounts for 29% of global digital currency transaction volume, according to a 2024 report from Circle. This highlights the potential for USDC to gain traction in this region.

USDC currently has a market cap of around $59.7 billion, according to CoinGecko data. The Philippines‘ largest digital wallet, GCash, recently added support for USDC, further demonstrating the growing demand for stablecoins in the region.

DATACARD
Understanding USDC: A Stablecoin Revolution

USDC, also known as USD Coin, is a stablecoin issued by Circle and Coinbase.

It is pegged to the value of the 'United States dollar', ensuring price stability.

USDC's value remains fixed at $1 , making it an attractive option for traders and investors seeking reduced volatility.

With over 25 billion in circulation, USDC has become a widely accepted digital currency in the cryptocurrency market.

Background and Context

The launch of USDC in Japan is part of Circle’s broader strategy to expand its presence in the Asia-Pacific region. The company has been actively engaging with regulators and industry players to promote digital asset innovation and financial inclusion in the region.

With this partnership, Circle aims to drive digital asset innovation and enhance financial accessibility in Japan. The launch marks a significant milestone for both the global stablecoin market and Japan’s blockchain ecosystem.

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