SBI VC Trade has recently made history in Japan by becoming the first company to receive official approval to handle stablecoins such as USD Coin (USDC). This achievement was announced on March 4, when the firm revealed its registration as an “Electronic Payment Instruments Business Operator” under Japan’s updated regulatory framework. This milestone 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, emphasizing the company’s dedication to expanding USDC adoption and providing secure, compliant digital payment solutions.
With this new registration, SBI VC Trade is set to launch a beta version of its USDC-related services on March 12. A limited group of users will have early access after scheduled system maintenance, with plans to gradually expand USDC support while ensuring compliance with local regulations and enhancing Japan’s digital asset landscape. SBI Holdings, the parent company of SBI VC Trade, has been actively pursuing opportunities in the stablecoin market, having signed a memorandum of understanding with Circle, the issuer of USDC, back in November 2023.
The approval adds to SBI VC Trade’s existing financial licenses, including the Electronic Payment Instruments Business, Cryptocurrency Exchange Business, and Type 1 Financial Instruments Business. The company stands at the forefront of Japan’s evolving digital finance sector, planning to introduce new services integrating crypto and stablecoin transactions for seamless and efficient digital payments. This move aligns with USDC’s growing market advantage, as the digital asset is the only major stablecoin compliant with the European Union’s MiCA regulations, giving it an edge over competitors such as Tether’s USDT in the region.
In recent months, major exchanges like Binance have removed non-compliant stablecoins from their European platforms, leading to a shift in market dominance towards USDC. As a result, USDC’s circulating supply has increased by 6% in the past month, reaching an all-time high of over $56 billion. This surge in adoption reflects the growing recognition and acceptance of USDC on a global scale, positioning it as a preferred stablecoin for digital transactions. SBI VC Trade’s approval to handle stablecoins like USDC marks a significant milestone for the company and the Japanese crypto market, paving the way for further innovation and growth in the digital finance sector.
