Circle, SBI Holdings focus combined efforts on USDC growth in Japanese market

Stablecoin issuer Circle signed a Memorandum of Understanding (MoU) with Japanese financial giant SBI Holdings to boost USD Coin (USDC) circulation, establish a banking relationship, and expand its presence in the Asian country, according to a Nov. 27 statement.

Timeline of Usd-coin

In addition to securing a new banking partner for its USDC stablecoin, Circle said that SBI will adopt its other business offerings, providing end-to-end development, deployment, and operations platforms for building and operating Web3 apps across blockchains.

Circle has partnered with SBI Holdings to drive the adoption of the USDC stablecoin and Web3. SBI Shinsei Bank, a subsidiary of SBI Holdings, will facilitate access to USDC in Japan.

Circle, the entity issuing the USDC stablecoin, has announced a partnership with Japanese securities and banking giant SBI Holdings in a bid to boost USDC circulation in Japan. The agreement was made in a memorandum of understanding (MOU) and requires SBI Holdings to register as an electronic payment services provider in Japan.

In a landmark move for the cryptocurrency market, Circle Internet Financial Ltd. and SBI Holdings Inc. have announced a partnership to introduce the USD Coin (USDC) into Japan's dynamic financial landscape. This initiative marks a significant step for stablecoins in Asia, offering a stable alternative amidst the often volatile crypto market.

SBI Holdings announced it reached a partnership with stablecoin issuer Circle to circulate USDC stablecoins, establish a banking relationship and promote the use of Circle's Web3 Services in Japan. This move from the Japanese financial conglomerate comes after the country's government revised regulations for stablecoins in June 2023.

The firm behind the second-largest dollar-pegged crypto asset by market cap is launching a new token standard for their stablecoin. According to a new announcement, Circle is introducing the Bridged USDC Standard, a new standard and process for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM) blockchains.

Worldcoin has been met with ambitious acceptance in the crypto community and has made waves in the blockchain and crypto space. The recent report explains that Orb's operations are to be paid in the native token WLD and not USDC (USD coin).

Key Points: Circle has made significant moves in the cryptocurrency market by issuing and repurchasing a substantial amount of USDC over the past week. These actions have resulted in an increase in USDC circulation by $100 million.

FinTech company and issuer of USD Coin (CRYPTO: USDC), Circle introduced the native stablecoin liquidity access on the Layer-1 Blockchain NEAR (CRYPTO: NEAR) protocol ecosystem. Circle has officially issued Native USDC and is always redeemable 1:1 for U.S. dollars.

As the list of Web3 players is growing, the Kresus crypto SuperApp has extended its crypto cash-out service, allowing users to off-ramp at 0% fees when they withdraw USDC through integrating with Coinflow Labs. On- and off-ramp processes are one of the weak links connecting the crypto economy to the broader financial system.