Circle is bringing USDC to Japan through a partnership with SBI Holdings, marking a major step for stablecoin adoption in the country.

According to a Mar. 25 press release statement, SBI VC Trade, a crypto exchange under SBI Holdings, will begin full-scale USD Coin (USDC) trading on Mar. 26. USDC is now the first international dollar stablecoin to be legally recognized under Japan’s stablecoin framework, following regulatory approval from the country’s Financial Services Agency. 

For the past two years, Circle has been working with banking partners and regulators to make this feasible. According to Circle’s chief executive officer Jeremy Allaire, Japan’s transparent stablecoin regulations offer significant prospects for cross-border transactions, digital payments, and financial innovation. 

“We are honored to bring USDC to businesses and consumers in the market, and with Circle Japan KK and the strong support of SBI Holdings and leading exchanges, USDC is positioned as a secure and transparent digital dollar that meets the needs of Japan’s evolving digital economy.”

— Jeremy Allaire, CEO of Circle. 

SBI Holdings sees this as a critical step in enhancing the usability and accessibility of digital assets for both consumers and businesses. In addition to SBI VC Trade, USDC will soon be listed by Binance Japan, bitbank, and bitFlyer, further broadening its reach.

Circle has also been increasing USDC adoption outside of Japan. On Mar. 20, GCash, the largest digital wallet in the Philippines with approximately 100 million users, added support for USDC. Stablecoins are starting to play a bigger role in GCash’s remittance market, which handles over $65 billion in transactions annually.

In Dubai, USDC and Circle’s euro-backed EURC became the first stablecoins to be authorized under the new framework of the Dubai Financial Services Authority. They are now available to companies operating in Dubai’s economic free zone, approved for use in financial services, treasury operations, and payments.

With $2.6 billion minted in the last 30 days, USDC’s market capitalization as of Mar. 25 is $59.75 billion, according to data from DefiLlama. Even though Tether (USDT), Circle’s main competitor, still holds 61.93% of the stablecoin market share, regulatory scrutiny of the company is growing especially in Europe, where it has been delisted from several exchanges. 

On the other hand, Circle continues to improve its standing as a regulated and widely accepted stablecoin by adhering to the Markets in Crypto Authority regulations.