Stablecoin USDC was the first and only global dollar stablecoini approved in Japan. Circle announced on March 26 that it plans to launch USDC in Japan. The USDC, which received the regulatory approved on March 4, will operate within the framework of the Stablecoin regulations of the Japan Financial Services Agency (FSA) after about two years of negotiations. Circle will first list USDC on the SBI VC trade crypto currency exchange. The launch, which will take place on March 26, will take place three weeks after the regulatory approval received by SBI VC Trade on March 4th.
Stablecoin USDC received approval from Japan
Jeremy Allaire, Founding Partner and CEO of Circle, said in a sharing on the X platform on March 24th that the regulatory approval process is going through a long negotiation process. Allaire emphasized that this approval was obtained after the negotiations carried out with organizers, banking partners and other stakeholders in the sector.
Stating that this development will create great opportunities in crypto asset trade, Allaire also stated that it will open the door of important innovations in payments, cross -border financial and foreign exchange trade. Circle plans to list USDC on large Japanese crypto currency exchanges such as Bitbank, Bitflyer and Binance Japan. Bitbank and Bitflyer have made more than $ 25 million in the last 24 hours and received more than 1.85 million visitors last month.
The future of USDC in Japan
Yoshitaka Kitao, CEO of SBI Holdings, said that the release of USDC in Japan will increase innovations in crypto currency and improve financial access. Kitao said that this development coincides with Japan’s broad vision in the field of payment systems and Blockchain -based finance.
In June 2022, Japan adopted a law that recognized stablecoins as crypto currency. The law, which entered into force in 2023, requires that stablecoins should be indexed to another Japanese new or valid currency and their owners can take back them over nominal value. FSA said that in the coming months, it will bring new regulations to Stablecoin exporters and only licensed banks, registered money transfer agencies and trust companies can export approved stablecoin.
This development came immediately after Coinbase CEO Brian Armstrong, the USDC’s main rival Tether (USDT) aims to achieve success. On the other hand, Kriptokoin.comAs we have reported as Binance, the announcement that the USDT will leave USDT for its customers by the end of the month is considered an important decline for USDT.
