U.Today - SBI Holdings, known for its partnership with Ripple, has a new venture with Circle, a key player in the fintech sector.
This initiative aims to introduce Circle's USD Coin (USDC) to the Japanese market in line with Japan's recently revised regulations on stablecoins.
Regulatory clarity in Japan
Japan is leading the way in stablecoin regulation after implementing a law in June to address key concerns about asset backing and stability. This move sets apart as most countries are still developing their approach to stablecoin regulation.The decision to establish clear guidelines for stablecoins has opened the door for ventures like the SBI-Circle partnership.
SBI Holdings' involvement could be significant, considering its extensive financial network and experience in the crypto sector.
SBI's diverse crypto portfolio
SBI Holdings' engagement with Circle is part of a larger picture of the company's involvement in the cryptocurrency space. This includes a substantial collaboration with Ripple focused on blockchain-based payment solutions.SBI Holdings initially collaborated with in early 2016 when they announced the creation of SBI Ripple Asia. In 2021, SBI Remit launched a service targeting digital wallets in the Philippines, marking its entry into XRP-based remittances.
They also invested $9 million in Clear Markets to create a cryptocurrency derivatives platform for institutional investors. Additionally, launched VCTRADE, a cryptocurrency exchange for Japanese retail investors, and led funding on major cryptocurrency exchanges like bitFlyer and Kraken.