SBI Holdings Launches USDC in Japan in New Joint Venture with Circle
SBI Holdings, known for its partnership with Ripple, has announced a new joint venture with Circle, a major player in the fintech space.
Japan’s Regulatory Clarity Japan is leading the way in stablecoin regulation after implementing a law in June to address key issues regarding asset backing and stability. The move sets Japan apart as most countries are still developing their approach to stablecoin regulation.
The decision to set clear guidelines for stablecoins opens the door for ventures such as the SBI-Circle partnership. SBI Holdings’ involvement could be significant given its extensive financial network and experience in the cryptocurrency space.
SBI’s Diversified Crypto Portfolio SBI Holdings’ partnership with Circle is part of the company’s larger foray into the cryptocurrency space. This includes a substantial collaboration with Ripple focused on developing blockchain-based payment solutions. SBI Holdings initially partnered with Ripple in early 2016 when they announced the formation of SBI Ripple Asia. In 2021, SBI Remit launched its service for digital wallets in the Philippines, marking its entry into the XRP-based remittance space.
They also invested $9 million in Clear Markets to create a cryptocurrency derivatives platform for institutional investors. In addition, SBI launched VCTRADE, a cryptocurrency exchange for Japanese retail investors, and led the financing of major cryptocurrency exchanges such as bitFlyer and Kraken. #RippleNews #ATOM
