Leading stablecoin issuer Circle Internet Financial has announced a strategic partnership with SBI Holdings, a major XRP holder, to enhance Web3 development and adoption in Japan. The partnership aims to prepare for the mainstream adoption of Web3 and blockchain technology in Japan. SBI Holdings will assist Circle in circulating the USDC stablecoin in the country through its customers, and SBI Shinsei Bank will hold the cash reserves for USDC holders to enable seamless redemption. This partnership is seen as a significant milestone in Circle’s expansion plans in Japan and Asia Pacific. The Japanese government has been working on passing clear crypto regulatory rules, including revising the Payment Services Act to establish regulations for stablecoins backed by cash. The entrance of Circle USDC into the Japanese market reflects the growing demand for digital assets in the country. Circle’s USDC has a market capitalization of nearly $24.6 billion and has recorded over $12.7 trillion in on-chain transactions since its inception. The partnership with SBI Holdings and the support from the Japanese government position Circle for future growth in the web3 sector.

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Information	Details
Geography	Asia
Countries	🇯🇵
Sentiment	positive
Relevance Score	1
People	Jeremy Allaire, Yoshitaka Kitao
Companies	Circle Internet Financial, SBI Shinsei Bank, Payment Services Act, Japanese government, SBI Holdings
Currencies	XRP, USDC, US Dollar
Securities	None