SBI VC trade has become the first company in Japan to receive official approval to process Stablecoins such as USD Coin (USDC), which marks an important step in the country’s crypto market.
On March 4, the company announced The registration as an “electronic payment instruments for company operator” under the updated regulatory framework of Japan. With this milestone, the platform can facilitate the use of Stablecoins, according to the revised Fund Settlement Act and Banking Act.
SBI VC Trade CEO Tomohiko Kondo confirmed The development on X, which states that the company is now the only company in Japan with a Stablecoin license.
He emphasized the company’s dedication to expand USDC acceptance and to offer safe, conforming digital payment solutions.
A new era for Stablecoins in Japan
With the new registration, SBI VC trade plans are planning to introduce a beta version of its USDC-related services on 12 March.
According to the company, a limited group of users will get early access after planned system maintenance. The company wants to expand USDC support in phases, thereby guaranteeing compliance with local regulations and at the same time improves the landscape of the Japanese digital assets.
SBI Holdings, the parent company of SBI VC Trade, has actively strengthened its position in the Stablecoin market. In November 2023, the financial giant signed a memorandum of conformity with Circle, the issuer of USDC, to explore new business opportunities.
The latter approval contributes to the existing financial licenses of the company, including the electronic payment instruments for business (no. 00001), cryptocurrency exchange activities (no. 00011) and the type 1 financial instruments business (no. 3247).
SBI VC trade is paramount in the developing digital financing sector of Japan. The company intends to introduce new services that integrate crypto and stablecoin transactions, guaranteeing seamless and efficient digital payments.
USDCs growing market advantage
The relocation of SBI VC Trade comes when USDC receives global regulatory recognition.
The digital active is currently the only large stablecoin that meets the markets of the European Union in the regulations of crypto-assets (MICA), giving it a competitive advantage compared to Tether’s USDT in the region.
In recent months, large stock markets such as Binance have removed non-compliant stablecoins from their European platforms, which has led to a shift in market dominance.
As a result, USDC has seen increased acceptance, with its circulating stock by 6% in the past month, with a record high of more than $ 56 billion.
