Payments platform Circle is collaborating with a Japanese financial giant as the nation gears up for a full-scale introduction of stablecoins.
In a new press release, Circle says that it will be partnering up with SBI Holdings as a means of introducing its stablecoin USDC and other web3 services into the Japanese market after the nation revised a law to establish regulations for dollar-pegged crypto assets.
However, the partnership still needs to be approved by regulators before it can go into effect.
“The companies have signed an MOU (memorandum of understanding) underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan.
SBI Group and Circle have also committed to properly complying with stablecoin-related regulations, including communication with authorities. To circulate USDC stablecoins within Japan, SBI VC Trade Co., Ltd. is seeking registration as an electronic payment instruments service, which is subject to approval by the authorities.”
Furthermore, SBI will adopt Circle’s web3 services, such as blockchain infrastructure, smart contract management tools and a programmable crypto wallet.
As stated by SBI chief executive Yoshitaka Kitao in the press release,
“Japan is steadily preparing the groundwork for the full-scale introduction of stablecoins, such as through the revised Payment Services Act implemented in June 2023.
Under such circumstances, we are very pleased to have signed a basic agreement for a comprehensive business alliance with Circle, which manages and issues USDC, a stablecoin with a market capitalization of nearly four trillion yen and used globally in more than 190 countries, and to have taken the first step toward widespread adoption of stablecoins in Japan.
SBI Group is committed to wholeheartedly working towards realizing new financial possibilities using stablecoins.”
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