Circle’s USDC Stablecoin Makes History as First USD Stablecoin Approved in Japan

VC Trade, SoftBank Investment (SBI) Financial Services’ crypto subsidiary, will soon support Circle’s USDC stablecoin, significantly boosting global stablecoin adoption. This development marks a notable milestone in Japan’s growing cryptocurrency market.

Notably, SBI Group, the parent company of SBI Financial Services, is a diversified conglomerate spanning banking, biotechnology, and other sectors. Its crypto division, VC Trade, launched almost a decade ago and now significantly impacts Japan’s digital asset market.

VC Trade Platform 

SBI VC Trade’s recent announcement regarding the integration of USD Coin (USDC) into its platform marks a pivotal moment, not only for the Japanese cryptocurrency market but also for the global expansion of digital asset accessibility.

Currently offering trading in Bitcoin (BTC), Ether (ETH), and XRP, the addition of USDC significantly broadens the range of options available to investors, enabling more sophisticated portfolio management strategies and facilitating increased participation in the digital economy.

Following the securing of registration as an electronic payment instrument trading business operator from the Kanto Regional Financial Bureau’s Tokyo office, SBI VC Trade CEO Tomohiko Kondo announced the forthcoming limited trial of USDC trading for select users, preluding a full-scale launch shortly.

Furthermore, this achievement solidifies SBI VC Trade’s position as the first and only company in Japan authorized to offer stablecoin trading, highlighting the rigorous regulatory scrutiny and compliance standards inherent in the Japanese financial landscape. 

Circle’s USDC Regulatory Pursuit

Circle, the issuer of USDC, has been proactively pursuing global regulatory compliance, ensuring the accessibility of its stablecoin across diverse jurisdictions. Jeremy Allaire, Circle’s founder and CEO, highlighted USDC’s status as the first and only globally recognized dollar-pegged stablecoin approved for use in Japan, underscoring the currency’s growing international relevance and acceptance.

USDC’s recent compliance with Canada’s new Value-Referenced Crypto Asset (VCRA) regulations solidifies its achievement. It’s the only stablecoin meeting the Canadian Securities Administrators’ stringent requirements. This significantly expands USDC’s global reach, making it a top choice for international transactions and investments.

SBI VC Trade’s platform now integrates USDC, offering users a more stable and reliable way to navigate cryptocurrency market volatility. This increased stability should boost global digital asset adoption, attracting more investors and fostering wider cryptocurrency acceptance. The partnership between the regulated platform SBI VC Trade and globally compliant stablecoin USDC represents a major step toward a more mature and accessible digital asset ecosystem.