Circle to Launch USDC in Japan on March 26 With SBI Partnership

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By Sam Reynolds Mar 25, 2025, 5:00 a.m. UTC Jeremy Allaire, CEO of Circle (Danny Nelson/CoinDesk) What to know : Circle plans to launch the USDC stablecoin in Japan on March 26, in partnership with SBI Holdings, following regulatory approval from the Japan Financial Services Agency. According to a 2024 report from Circle, the Asia-Pacific region, including Japan, accounts for 29% of global digital currency transaction volume. Circle plans to launch USDC in Japan on March 26 through a partnership with local heavyweight SBI Holdings, marking a significant milestone for both the global stablecoin market and Japan’s blockchain ecosystem. “Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan’s regulatory leadership has similarly been out in front on clear rules for the use of stablecoins in the Japan financial system,” said Jeremy Allaire, co-founder and CEO of Circle said in a release. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Long & Short Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The launch comes weeks after Circle and SBI received regulatory approval from the Japan Financial Services Agency (JFSA) earlier in March under the country's electronics payment framework. Allaire said in a post on X that Circle had spent two years engaging with regulators in Japan in preparation for the launch. “We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan,” Yoshitaka Kitao, representative director, chairman, president and CEO of SBI Holdings said in a statement. USDC currently has a market cap of around $59.7 billion, according to CoinGecko data . The Philippines largest digital wallet , GCash, recently added support for USDC. According to a 2024 report from Circle , the Asia-Pacific region accounts for 29% of global digital currency transaction volume, ahead of Western Europe at 22% and North America at 19%. USDC Japan Sam Reynolds Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. 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