SBI VC Trade: Leading the Way in Japan’s Stablecoin Market
SBI VC Trade has made history as Japan’s first company to receive official approval to handle stablecoins like USD Coin (USDC), marking a significant milestone in the country’s crypto market.
Approval and Milestone Achievement
- On March 4, SBI VC Trade 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.
- CEO Tomohiko Kondo confirmed the development, making SBI VC Trade the only firm in Japan with a stablecoin license.
A New Era for Stablecoins in Japan
With the new registration, SBI VC Trade is set to introduce a beta version of its USDC-related services on March 12.
Expansion and Compliance
- 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.
Strategic Partnerships and Licenses
- SBI Holdings, the parent company of SBI VC Trade, signed a memorandum of understanding with Circle, the issuer of USDC, in November 2023.
- SBI VC Trade holds existing financial licenses, including the Electronic Payment Instruments Business, Cryptocurrency Exchange Business, and Type 1 Financial Instruments Business.
Future Plans
- SBI VC Trade is at the forefront of Japan’s evolving digital finance sector and plans to introduce new services integrating crypto and stablecoin transactions for seamless and efficient digital payments.
USDC’s Growing Market Advantage
USDC’s global regulatory recognition is on the rise, with significant implications for the stablecoin market.
Market Recognition and Adoption
- USDC is compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations, giving it a competitive advantage over other stablecoins like USDT.
- Major exchanges have removed non-compliant stablecoins, leading to increased adoption and market dominance for USDC.
- USDC’s circulating supply has risen by 6% in the past month, reaching an all-time high of over $56 billion.
