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Circle Associates with SBI Holdings To Expand The Presence of USDC In Japan

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Circle, which is the exchange behind the USD Coin has announced today that it has finalized a MOU (memo of understanding) with SBI Holdings, a Tokyo-based financial services company to boost the circulation of the USD Coin and web3 transactions in Japan.

READ ALSO:Cryptocurrency Lender Celsius Obtains Bankruptcy Court Approval for Restructuring Plan

Circle makes a move to expand the circulation of USDC in Japan, introduce banking relationships in the country, as well as facilitate the use of Circle’s Web3 activities in Japan.

Last June, the government of the 4th largest economy worldwide, Japan introduced a framework for developing the Web3 space in the country.

As a result, it placed new stablecoins for both the foreign-issued and domestic-issued stablecoins. Presently, Japan is the 1st major government globally that has attained this unique regulatory clarity.

However, any stablecoin that couldn’t meet up to the high standard that is set by the Japan FSA, wouldn’t be permitted to transact on the Japanese markets.

Fortunately for Circle, these changes made by the Japanese government dramatically created a significant opportunity for its USD Coin.

Quick Takes

  • According to a press release today, Circle has teamed up with SBI Holdings to pioneer the innovation of digital currency in the 4th largest economy in the world with USDC, Web3 services, and Banking services.
  • In addition, SBI Shinsei Bank Limited will also offer banking services to Circle which will allow Japanese users and businesses to have access to USDC as well as secure liquidity.
  • Furthermore, the SBI Group will adopt the web3 services solutions of Circle like; smart contract management tools, Blockchain infrastructure, and programmable wallets.
  • However, for the USD Coin to commence its circulation in Japan, SBI Holdings will first, of, all, register as an electronic payment tool service.
  • Moreover, the registration will still wait for the approval of the regulatory authorities in Japan.
  • This prompts the President and CEO of SBI Group, Yoshitaka Kitao to state that, he is hoping that this latest collaboration can serve as an incentive for a large-scale adoption of stablecoins in Japan.

What’s Happening In Crypto Today?

As of the time of this writing, the price of Bitcoin is at $37,060.73, with a decline in market cap by 1.53% and an increase in trading volume by 118.08%.

On the other hand, Ethereum is presently changing hands at $2,027.70, while it sees a drop in market cap of 2.56% and a 95.58% increase in trading volume.

  • As for USD Coin, its price at the moment is at $1.00, while it records a decline in market cap of 0.40% and an increase in trading volume of 129.62%.
  • Meanwhile, Cardano is currently trading at $0.3813, with a decrease in market cap by 2.38% and a rise in trading volume by 26.53%.
  • The price of Dogecoin at this moment is at $0.07911, while it sees a slight rise in market cap of 1.71% and an increase in trading volume of 195.60%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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