Global financial firm Circle has announced a strategic partnership with Japanese financial services company SBI Holdings, Inc. The partnership aims to promote the adoption of Circle’s USDC stablecoin and web3 services in Japan. Both parties have signed a Memorandum of Understanding (MOU) to work towards the circulation of USDC and expand the use of stablecoins in the country. This partnership comes as the Japanese government is encouraging the expansion of the Web3 business and enacting new stablecoin regulations. The Revised Payment Service Act focuses on stablecoin issuance and circulation in Japan, with the goal of advancing Japan’s transition towards a Web3 economy. Circle’s USDC is unique as it is backed 100% by highly liquid cash and cash-equivalent assets and is always convertible 1 to 1 for US dollars. The partnership also includes a banking relationship between Circle and SBI Shinsei Bank, allowing USDC and liquidity to be accessible for users and businesses in Japan. SBI Group will also integrate Circle’s Web3 Services solutions into its digital asset portfolio strategy. Circle’s CEO, Jeremy Allaire, expressed his excitement about the partnership, stating that it represents a shared vision for the future of digital currency and is a significant milestone for Circle’s expansion plans in Japan and the Asia Pacific region. SBI Holdings is currently seeking registration as an electronic payment instruments service, pending approval by the authorities.

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Information	Details
Geography	Asia
Countries	🇯🇵
Sentiment	positive
Relevance Score	1
People	Jeremy Allaire
Companies	Circle, SBI Holdings, SBI Shinsei Bank
Currencies	USDC, US Dollar, Japanese Yen
Securities	None