Circle’s USDC to Launch on SBI VC Trade on March 26

TLDR

• Circle’s USDC stablecoin will launch on Japan’s SBI VC Trade exchange on March 26, 2025
• USDC is the first stablecoin approved under Japan’s regulatory framework
• Binance Japan, bitbank, and bitFlyer also plan to list USDC soon
• Circle has established Circle Japan KK as its local entity to support operations
• The launch follows a partnership between Circle and SBI Holdings that began in 2023

Circle Internet Financial has announced that its USD Coin (USDC) stablecoin will officially launch in Japan on March 26, 2025. This comes after SBI VC Trade, a cryptocurrency exchange owned by Japanese financial giant SBI Holdings, received approval from the Japan Financial Services Agency (FSA) to list USDC under the country’s stablecoin regulatory framework.

This marks a key moment for the Japanese crypto market. USDC becomes the first global dollar stablecoin approved for use in Japan after two years of regulatory discussions.

SBI VC Trade will be the first exchange to list USDC, but expansion is already planned. Circle confirmed that Binance Japan, bitbank, and bitFlyer also plan to list and distribute USDC in the near future.

These are major players in Japan’s crypto ecosystem. Bitbank and bitFlyer are among the country’s largest exchanges, processing more than $25 million each per day with over 1.85 million monthly website visits.

To support local operations, Circle has established Circle Japan KK. This entity will work closely with SBI Holdings through a joint venture announced in 2023.

Jeremy Allaire, Circle’s co-founder and CEO, celebrated the news on social media. He stated that this development “unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross border finance and commerce, FX.”

BREAKING NEWS: Circle becomes the first and only stablecoin to be approved for use in Japanese markets, with Circle launching new operations, a strategic JV with SBI Holdings, and imminent launch of USDC by SBI VC Trade, with other major exchanges to follow.

We have spent 2+…

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 24, 2025

The approval process wasn’t quick. It took two years of negotiations with regulators, banking partners, and industry players to gain this approval.

Bridging Digital Dollars to Japan

Yoshitaka Kitao, CEO and president of SBI Holdings, also commented on the launch. He said it would “enhance financial accessibility and drive crypto innovation” in Japan’s evolving digital economy.

This aligns with SBI’s broader vision for blockchain-based finance in Japan. The partnership aims to combine USDC distribution with banking and Web3 technology for the Japanese market.

USDC currently maintains its position as the second largest stablecoin. It has a market cap of $59.7 billion, behind only Tether’s USDT at $143.8 billion.

The stablecoin’s entry into Japan could have wider market impacts. Jay Jo, a senior research analyst at Tiger Research, told Decrypt that beyond trading, Japanese companies could “offer custody services and develop various stablecoin-based businesses.”

This comes at an interesting time for Japan’s currency. The continued weakening of the Japanese yen against the US dollar creates unique market dynamics.

If the yen continues to show weakness, Japanese investors might turn to USDC as a hedge. This could potentially “increase selling pressure on JPY,” according to Jo.

Easy access to dollar-denominated assets might accelerate outflows from traditional yen investments. This effect could be stronger “especially if interest rate differentials remain wide.”

USDC is fully reserved and backed by cash and cash-equivalent assets. The reserves are held at regulated financial institutions that publish third-party monthly attestations, providing transparency.

This isn’t Circle’s only recent regulatory win. In February, both USDC and Circle’s euro-backed EURC stablecoin were recognized under the Dubai Financial Services Authority’s new regime.

This recognition allows companies in Dubai’s International Financial Centre to integrate these stablecoins into various applications. These include payments, treasury management, and financial services.

Circle has also expanded its financial products through acquisition. In January 2025, the company acquired Hashnote, issuer of USYC, described as the “world’s largest tokenized money market fund.”

USYC is backed by U.S. Treasury debt and reverse repurchase agreements. It has a total asset value of over $1.25 billion, positioning Circle strongly in the real-world asset tokenization market.