SBI VC Trade, the cryptocurrency arm of Japan’s SBI Group, is set to launch a beta service for Circle’s USDC stablecoin on March 12, following its registration as Japan’s first approved "electronic payment instrument business operator." The service will initially be limited to selected users, with plans for a full rollout later.
🇯🇵 Big news in Japan!@sbivc_official is now a registered Electronic Payments Provider under JFSA’s new framework and they plan to be the first to list USDC in the market!
— Circle (@circle) March 4, 2025
A major step forward for trusted, fully reserved digital dollars in a regulated market. Excited to see… https://t.co/PyL1mpKKrK
This move aligns with Japan’s recent regulatory easing on foreign stablecoins following the Financial Services Agency’s (FSA) approval of policy changes in February 2025. Circle CEO Jeremy Allaire praised the development in a tweet, saying:
USDC becomes the first and only global dollar stablecoin to become approved for use in Japan! Congrats to SBI for being the first to be permitted to list and distribute USDC. And much more to come from Circle in Japan soon.
SBI VC and Circle partnered to introduce USDC in Japan back in 2023, shortly after the country lifted the ban on foreign-issued stablecoins.
If successful, this initiative will mark a significant step in Japan’s embrace of stablecoins for remittance and settlement innovation.