Circle to Launch USDC in Japan on March 26 With Full Regulatory Approval
Circle has announced it will fully launch its USD Coin (USDC) in Japan on March 26, 2025, becoming the first USD-backed stablecoin approved under the country’s regulatory regime.
The Japan Financial Services Agency (JFSA) approved SBI VC Trade, a subsidiary of SBI Holdings, for an Electronic Payments Provider license on March 4, 2025, allowing the launch.
Also read: Stablecoin Boom: 53% Surge in Active Wallets Signals Massive Adoption
Japan’s electronic payment system, announced in 2022 and effective from 2023, requires stablecoins to be tied to a legal tender and redeemable at similar value, prioritizing investor protection. The approval is a proof of Japan’s leadership in Web3 adoption following Circle’s two-year regulatory discussion, as CEO Jeremy Allaire put it.
SBI Partnership Drives Circle Market Entry
Circle’s partnership with SBI Holdings, announced in November 2023, leverages the financial institution’s vast network to introduce USDC to Japanese markets.
SBI VC Trade, which launched a beta phase on March 12, 2025, will roll out full operations tomorrow, with listings planned on exchanges like Coinbase Japan, bitbank, and bitFlyer in the coming days.
USDC’s market capitalization stands at approximately $59.8 billion as of today, positioning it to facilitate cross-border payments.
Also read: The New Currency War: Gold-Backed Stablecoins vs. the US Dollar
In 2024, the Asia Pacific region, including Japan, accounted for 29% of the global transaction volume of USDC—higher than Western Europe (22%), and North America (19%)—a proof of the region’s strong interest.
Allaire noted the launch will boost Japan’s digital finance position.
Crypto Sector Tracks USDC’s Next Steps
From its beta testing period, the mass rollout seeks to transform payment systems and blockchain finance in Japan, a country known for being at the forefront of technology.
SBI Holdings CEO Yoshitaka Kitao called it “the future of payments,†indicating strong industry backing. As the sole USD stablecoin cleared in Japan, USDC takes a competitive advantage over the likes of Tether (USDT), potentially boosting its use in remittances and trading.
Also read: Tether Pursues Big Four Audit Amid Growing Industry Scrutiny
Circle Japan KK will lead the expansion, supported by Circle’s massive Asia-focused investments since 2023, though exact figures for the region remain undisclosed.
Analysts consider this a potential trigger for wider stablecoin adoption in Asia, following examples like GCash’s USDC adoption in the Philippines.
