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SBI VC Trade has become Japan’s first company to receive official approval to handle stablecoins like USD Coin (USDC), marking a significant step in the country’s crypto market.

On March 4, the firm announced its registration as an “Electronic Payment Instruments Business Operator” under Japan’s updated regulatory framework. This milestone allows the platform to facilitate the use of stablecoins, following the revised Fund Settlement Act and Banking Act.

SBI VC Trade CEO Tomohiko Kondo confirmed the development on X, stating that the company is now the only firm in Japan with a stablecoin license.

He emphasized the company’s commitment to expanding USDC adoption and offering secure, compliant digital payment solutions.

With the new registration, SBI VC Trade plans to introduce a beta version of its USDC-related services on March 12.

According to the firm, a limited group of users will gain early access after scheduled system maintenance. The company aims to expand USDC support in phases, ensuring compliance with local regulations while enhancing Japan’s digital asset landscape.

SBI Holdings, the parent company of SBI VC Trade, has been actively strengthening its position in the stablecoin market. In November 2023, the financial giant signed a memorandum of understanding with Circle, the issuer of USDC, to explore new business opportunities.

This latest approval adds to the firm’s existing financial licenses, which include the Electronic Payment Instruments Business (No. 00001), Cryptocurrency Exchange Business (No. 00011), and the Type 1 Financial Instruments Business (No. 3247).

SBI VC Trade stands at the forefront of Japan’s evolving digital finance sector. The firm plans to introduce new services integrating crypto and stablecoin transactions, ensuring seamless and efficient digital payments.

SBI VC Trade’s move comes as USDC is gaining global regulatory recognition.

The digital asset is currently the only major stablecoin compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations, giving it a competitive advantage over Tether’s USDT in the region.

Over the past months, major exchanges such as Binance have removed non-compliant stablecoins from their European platforms, leading to a shift in market dominance.

As a result, USDC has seen increased adoption, with its circulating supply rising by 6% in the past month, reaching an all-time high of over $56 billion.

The post Japan ushers in stablecoin era with SBI VC Trade’s landmark license and planned USDC listing appeared first on CryptoSlate.

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