Circle has announced the upcoming launch of the $USDC stablecoin in Japan through the SBI VC trade crypto exchange, marking it as the first stablecoin approved for the Japanese market.

The approval of USDC follows the recent addition of support by GCash, the largest digital wallet in the Philippines, indicating growing traction for the stablecoin in Asia.

Circle is also leading global crypto adoption with the launch of its euro-backed stablecoin $EURC in Dubai, allowing companies to integrate both stablecoins for various services.

The Japan Financial Services Agency (JFSA) granted regulatory clearance to SBI VC Trade on March 4, 2025, paving the way for this significant development.

This initiative, supported by SBI's CEO Yoshitaka Kitao, aims to enhance financial accessibility and drive digital asset innovation in Japan.

Currently, USDC is accessible to over 500 million user wallets worldwide, with expectations for continued growth in 2025 driven by legal clarity and improved user experience.

In November 2024, USDC's monthly trading volume reached $1 trillion, with an all-time total exceeding $18 trillion, showcasing its rapid adoption.

Circle's CEO, Jeremy Allaire, highlighted that they have engaged with Japanese regulators and industry partners for over two years to facilitate the introduction of USDC.

As of now, USDC has a market cap of approximately $59.7 billion, making it the second largest stablecoin, trailing behind Tether's USDT.

Japan's proactive approach to digital asset regulation has fostered the creation of specific rules for stablecoins, promoting innovation while ensuring economic safety.

The launch of USDC is expected to significantly impact both the global stablecoin market and Japan's blockchain ecosystem.

USDC's introduction is anticipated to enhance efficiency in international transactions and strengthen Japan's remittance market, which processes billions annually.