Key Takeaways
- The SBI VC firm gets licensed as the “Electronic Payment Instruments Exchange Service Provider”, being the first to get it in Japan.
- Following this approval, SBI VC launched Circle’s USDC stablecoin in Japan, making it the first USD-based stablecoin to be introduced in the country.
- Many Japanese firms, including their famous banks, are currently trying to test the waters with foreign stablecoin regarding cross-border payments.
SBI VC Trade Gets License & Launches Circle USDC
On 4th March 2025, SBI VC Trade, one of the cryptocurrency exchange subsidiaries of Japan’s SBI Holdings, became the first Japanese firm to get the license of “Electronic Payment Instruments Exchange Service Provider”. The license facilitates the exchange to handle offshore stablecoins and was all made possible through the joint collaboration between SBI Holdings and Circle.
Following this, SBI VC launched Circle’s USDC stablecoin in Japan, making it the first USD-based stablecoin to be introduced in the country. The firm was already a licensed crypto exchange and security business and plans to use its latest arsenal to start a beta version of USDC services within the next week. The developments were announced through the official X account of Tomohiko Kondo.
SBI Holding Paves A Path To Japan’s StableCoin Era
With the new development, SBI VC Trade plans to put into action their plans surrounding the USDC token from the 12th of March. Per the reports from the firm, there will be a scheduled system maintenance, after which a limited set of users will be given early access to the new USDC-based services. This information depicts that the company doesn’t intend to dumb all the services on its users but plans a step-by-step procedure to integrate these services carefully into its ongoing system.
The primary reason behind this approach is to ensure compliance with the local regulatory measures to enhance Japan’s digital asset landscape. Even before all this, SBI Holdings has been slowly and methodically setting up their position in the stablecoin market, and now, with their new license, they stand at the forefront of Japan’s digital asset sector, intending to lead it to new heights.
SBI VC Trade To Expand Japanese Crypto Sector
In 2023, the Japanese regulatory committee lifted the long-standing ban on foreign stablecoins. From that moment onwards, there were rapid changes in the stablecoin sector of the country. In fact, a lot of the countries’ opinions have also undergone significant changes. Even the FSA, Japan’s Financial Service Agency, approved a policy report recommending to ease some of the regulatory laws on stablecoins.
Since then, SBI Holdings has committed to being an active player in the crypto sector. The firm has also managed to forge alliances with top US crypto companies like Ripple. SBI VC Trade now also supports various cryptocurrencies, including BTC. USDC’s regulatory approval also paves the way for a more favourable crypto-friendly environment in the country.
Will Other Japanese Firms Follow SBI VC?
Even though the SBI VC is a crypto exchange, several other Japanese firms are planning to expand their payment sector and are not opposed to the idea of adding stablecoins when it comes to cross-border transactions. For instance, MUFG, the largest bank in Japan, is currently trying to use stablecoins as an invisible alternative to Swift for its cross-border payments.
The MUFG is not alone in this. Several other banks are also following its footsteps. Furthermore, the Progmat Coin, a platform that issues and manages stablecoins, has been trying to explore stablecoins for various payments within emerging markets. If this continues, we will see the USDC and other stablecoins gaining supremacy in the Japanese financial sector shortly. Stay tuned for further updates regarding the matter.
