SBI Holdings and Circle have signed a memorandum of understanding (MOU) to boost the adoption of USD Coin (USDC) and Web3 services in Japan. The partnership aims to expand the circulation of USDC in Japan and transform the country’s financial landscape. SBI Holdings is seeking registration as an electronic payment instruments service provider to initiate the circulation of USDC in Japan. The Japanese government’s revision of the Payment Services Act is expected to stimulate the issuance and circulation of stablecoins in the country. SBI Shinsei Bank, a subsidiary of SBI Holdings, will provide banking services to Circle to enable USDC access and liquidity for Japan-based businesses and users. USDC is currently the second largest stablecoin behind Tether, with a market cap of $24.6 billion.
