Circle to Expand USDC Presence in Japan

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Circle, the issuer of the USDC stablecoin, has formed a strategic alliance with SBI Holdings, a major Japanese securities and banking company, to expand its presence in Japan.

The announcement, made on Monday, revealed that Circle has signed a Memorandum of Understanding with SBI Holdings, which includes working towards increasing the circulation of USDC and promoting the use of stablecoins in Japan.

The SBI VC Trade is currently seeking registration as an electronic payment instruments service in Japan, in order to facilitate the circulation of USDC within the country.

Japan is the world’s third-largest economy and is projected to fall to fourth place this year according to the International Monetary Fund.

In addition, SBI Shinsei Bank will provide banking services to Circle, allowing for easier access and liquidity for Japanese businesses and users.