SBI Holdings announced it reached a partnership with stablecoin issuer Circle to circulate USDC stablecoins, establish a banking relationship and promote the use of Circle’s Web3 Services in Japan. This move from the Japanese financial conglomerate comes after the country’s government revised regulations for stablecoins in June 2023.
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SBI Holdings & Circle USDC Deal
In a statement, Circle and SBI said they have signed a Memorandum of Understanding (MOU) on works including the two companies working on the circulation of USDC and expanding the use of stablecoins in Japan. In the context of the regulatory hurdles faced by crypto companies across the world, the two companies have committed to properly complying with stablecoin related regulations, including communication with authorities. Meanwhile, SBI is awaiting approval of registration as an electronic payment instruments service, to be able to circulate USDC stablecoins
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