CircleUSD Coin (USDC) has formed a partnership with Tokyo-based SBI Holdings, a financial services company, to encourage the adoption of USDC. The two companies have signed a Memorandum of Understanding (MOU) on November 27th to support the strategic expansion of USDC in Japan. This partnership represents a significant leap forward in the innovation of digital assets and a strategic expansion by USDC in Asia.
Circle SBI Holdings is aiming to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy. SBI Holdings is also seeking approval as an electronic payments instrument service from Japanese authorities. CEO President Yoshitaka Kitao of SBI Holdings is hopeful that it will lead to a mass adoption for stablecoins across the country.
Circle SBI will also promote adoption of Circle’s full-stack Web3 Services, a suite that provides a complete development, deployment, and operation platform for building and operating WeB3 Apps across Blockchains. The partnership between the two companies “represents a shared vision for the future of digital currency”, according to Jeremy Allaire, CEO of Circle.
Circle SBI’s subsidiary Shinsei Bank will provide banking services for Circle, allowing access to USDC and liquidity. USDC is currently ranked as the second-largest stablecoin after Bitcoin Tether (USDT), which has a value of $24.6 Billion, according to CoinGecko. The demand for safe, transparent digital dollars is strong in Latin America and Africa, according to Allaire.
This strategic expansion of USDC and collaboration between Circle and SBI Holdings is a major milestone for Circle and marks their expansion plans into the area. The two companies hope that it will lead to new standards in the financial sector in Japan.