SBI VC Trade Makes History as Japan’s First Stablecoin Operator
SBI VC Trade has made a significant breakthrough in Japan’s crypto market by becoming the country’s first company to receive official approval to handle stablecoins like USD Coin (USDC). This milestone was announced on March 4, as the firm revealed its registration as an “Electronic Payment Instruments Business Operator” under Japan’s updated regulatory framework. This development allows SBI VC Trade to facilitate the use of stablecoins, following the revised Fund Settlement Act and Banking Act.
CEO Tomohiko Kondo confirmed the news on X, stating that SBI VC Trade is now the only company in Japan with a stablecoin license. He emphasized the company’s dedication to expanding USDC adoption and providing secure, compliant digital payment solutions.
A New Era for Stablecoins in Japan
With this new registration, SBI VC Trade is set to introduce a beta version of its USDC-related services on March 12. A limited group of users will gain early access after scheduled system maintenance, with the company planning to expand USDC support in phases. This approach ensures compliance with local regulations while enhancing Japan’s digital asset landscape.
SBI Holdings, the parent company of SBI VC Trade, has been actively strengthening its presence in the stablecoin market. In November 2023, the financial giant signed a memorandum of understanding with Circle, the issuer of USDC, to explore new business opportunities. This latest approval complements the firm’s existing financial licenses, including the Electronic Payment Instruments Business, Cryptocurrency Exchange Business, and the Type 1 Financial Instruments Business.
SBI VC Trade is at the forefront of Japan’s evolving digital finance sector, with plans to introduce new services that integrate crypto and stablecoin transactions for seamless and efficient digital payments.
USDC’s Growing Market Advantage
SBI VC Trade’s move comes at a time when USDC is gaining global regulatory recognition. As the only major stablecoin compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations, USDC has a competitive edge over Tether’s USDT in the region. Major exchanges like Binance have removed non-compliant stablecoins from their European platforms, leading to a shift in market dominance.
As a result, USDC has seen increased adoption, with its circulating supply reaching an all-time high of over $56 billion, marking a 6% increase in the past month. This growth underscores USDC’s market advantage and solidifies its position as a leading stablecoin in the crypto ecosystem.