Stablecoin issuer Circle signed a Memorandum of Understanding (MoU) with Japanese financial giant SBI Holdings to boost USD Coin (USDC) circulation, establish a banking relationship, and expand its presence in the Asian country, according to a Nov. 27 statement.
Per the statement, several subsidiaries of the traditional financial institution would play an active role in this partnership, including SBI’s VC Trade Limited, which would apply for licensing as an electronic payment instruments service to distribute USDC in Japan.
Additionally, SBI’s Shinsei Bank would provide banking services enabling USDC access and liquidity for Japan-based businesses and users.
The SBI Group also plans to adopt Circle’s Web3 Services solutions like programmable wallets, blockchain infrastructure, and smart contract management tools.
Jeremy Allaire, the CEO of Circle, explained that the partnership between both institutions is a groundbreaking move, saying USDC would become a stablecoin that “can
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