Japan’s SBI Holdings and its banking arm SBI Shinsei have made a significant investment in USDC stablecoin issuer Circle, injecting $50 million into the fintech firm. This move showcases a strong vote of confidence in Circle’s future role in the global finance landscape. The investment, split evenly between the two entities, follows Circle’s recent public listing on the New York Stock Exchange on June 5.
Circle’s stock experienced a surge on its debut day, opening at $69, more than double its $31 IPO price, and closing the day at $83. At its peak, shares reached $123.49, giving the company a fully diluted valuation of $32.1 billion.
The IPO of Circle marks the largest fintech listing since Coinbase’s debut in 2021 and signals a potential resurgence in the IPO market, which has been impacted by macroeconomic volatility. NYSE President Lynn Martin described Circle’s debut as a bellwether moment for both crypto-related firms and the broader IPO pipeline.
Amidst this wave of investor enthusiasm, SBI secured one of the largest institutional allocations in Circle’s offering. The Tokyo-based group framed this purchase as part of its ongoing strategy to lead in the realm of digital finance.
SBI Holdings, under the leadership of Yoshitaka Kitao, has a history of engaging in partnerships within the crypto space. The group invested in Ripple Labs in 2016 and remains its largest external shareholder. Additionally, SBI has backed blockchain companies like R3 and Securitize, while also collaborating on ventures to introduce blockchain-based remittance and securities solutions in Japan.
The partnership with Circle presents a new avenue for SBI to advance digital dollar infrastructure across Asia. In 2023, the two firms established a business alliance to promote USDC circulation and develop new use cases in Japan. By March 2025, SBI VC Trade became the first exchange in Japan to offer USDC to the public, and they are now forming a joint venture, Circle SBI Japan KK, to expedite integration with Japan’s financial system.
Circle has been positioning USDC as a stable and regulated medium for international payments. With SBI’s recent investment and ongoing collaboration, Circle gains deeper access to the Japanese market at a time when stablecoins are gaining momentum.
This move comes shortly after BlackRock disclosed plans to acquire approximately 10% of Circle’s IPO shares, indicating a growing institutional interest in dollar-backed digital currencies. The partnership between SBI and Circle highlights a shared commitment to advancing the adoption of digital assets and stablecoins in the global financial landscape.