Stablecoin Issuer Circle Partners SBI Holdings for USDC Adoption in Japan
The post Stablecoin Issuer Circle Partners SBI Holdings for USDC Adoption in Japan appeared on BitcoinEthereumNews.com.
In addition to securing a new banking partner for its USDC stablecoin, Circle said that SBI will adopt its other business offerings, providing end-to-end development, deployment, and operations platforms for building and operating Web3 apps across blockchains. Circle Financial, one of the leading stablecoin issuers in the crypto industry and a financial technology company, has partnered with SBI Holdings to expand its presence in Japan. In an announcement on November 27, the company stated that it had signed a memorandum of understanding (MoU) with Tokyo-based SBI Holdings, a financial services conglomerate, to broaden the adoption of its USDC stablecoin and the Web 3 ecosystem outside the United States, where Circle is headquartered. Circle Secures New Partner for USDC Adoption The move follows the Japanese government’s introduction of its revised payment services act on June 3 to establish a clear regulatory framework for the issuance and usage of stablecoins in the country. According to authorities, the amended law is expected to stimulate and advance the country’s adoption of the crypto industry as well as the Web3 economy. With the rules in place, both Circle and SBI Holdings have joined forces to “underpin the work ahead,” which includes ensuring the circulation of the USDC stablecoin in the Japanese market. Jeremy Allaire, the co-founder and CEO of Circle, said the collaboration with SBI Holdings represents a shared vision for the future of digital assets. “Our partnership with SBI Holdings represents a shared vision for the future of the digital currency and is a significant milestone in Circle’s expansion plans in Japan and the Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan,” he said. SBI to Register as a Payment Service Company in Japan SBI will also serve as Circle’s new banking partner,…
Filed under: News - @ November 27, 2023 11:26 am