SBI VC Trade Becomes First in Japan to Secure Stablecoin License, Plans USDC Beta Launch

SBI VC Trade has achieved a milestone, becoming the first company in Japan to secure official approval to handle stablecoins like USD Coin (USDC). Announced on March 4, this registration as an "Electronic Payment Instruments Business Operator" under Japan's updated regulatory framework allows SBI VC Trade to facilitate stablecoin use. CEO Tomohiko Kondo confirmed the news, emphasizing the company's commitment to expanding USDC adoption. A beta version of USDC-related services is planned for launch on March 12, offering early access to a limited group of users. SBI Holdings, the parent company, signed an agreement with Circle, the issuer of USDC, in November 2023. USDC's circulating supply has risen by 6% in the past month, reaching over $56 billion.