#BinanceTournament Japanese financial heavyweight SBI has begun cooperating with issuer of $USDC stablecoin Circle as they plan to make a major transformation of the Japanese financial landscape using #USDC and #Web3🤝🥊🌐 Services based on this stablecoin.Circle and SBI step in as Japan changes crypto environmentIn a recent X post, Circle led by Jeremy Allaire spread the word about its new strategic partnership with the Japanese behemoth of the finance industry, SBI Holdings, which is also a leading partner of Ripple Labs in Japan.Since the government of the country issued a revised version of its Payment Services Act in early June this year and set firm regulations for stablecoins, Circle and #SBI decided to take that opportunity and enter the Japanese market together in the form of a collaboration.The above-mentioned regulation was made in order to stimulate both the creation and circulation of stablecoins with the goal of helping Japan to advance toward a Web3-based economy.The newly revised Payment Services Act speaks of stablecoins that are pegged to a legal tender, i.e., have fiat collateral standing behind them. USDC is fully backed by cash USD and assets that are equivalent to cash, which makes this stablecoin easily redeemable for U.S. dollars.Committing to complying with new regulationsThe reserves backing this stablecoin are stored in different vaults from those to ensure that these collateral funds are thoroughly protected and will not repeat FTX's fate. As of mid-November this year, USDC boasts more than $12.7 trillion of on-chain transfers that involved USDC.Now, Circle and SBI Group have signed a memo of understanding to ensure their upcoming collaboration. According to the document, they will together work toward Japanese users starting to utilize stablecoins more frequently, and USDC in particular.The companies have also made a commitment to comply with the newly implemented regulatory rules regarding stablecoins and communicate with local authorities on compliance. The circulation of USDC in Japan will be conducted via SBI's own crypto exchange SBI VC Trade. Now this exchange is taking steps to register as a service that provides regulated electronic payment tools.SBI Shinsei Bank will ensure that Circle gets banking services, which will ensure that Japanese institutional and retail users will have USDC access and liquidity. To cap it all, SBI Group intends to begin using Web3 service solutions provided by Circle. Those include Programmable Wallet, DLT infrastructure and tools for managing smart contracts.Jeremy Allaire, Circle's chief executive, stated that the company's collaboration with SBI will help shape the future of crypto and also become a major milestone for Circle as it will begin rolling out its stablecoin in Japan and the Asia-Pacific.#ATOM

#BinanceTournament Standard Chartered's Zodia Custody has joined Ripple-owned institutional-grade custody firm Metaco's network. XRP price uplifts.Zodia Custody, an FCA-registered institution-first digital asset custodian by #StandardChartered and Northern Trust, has joined Ripple-owned institutional-grade custody firm Metaco’s network. This marks a significant development amid recent changes in Metaco’s ownership and weighted demand for crypto storage and settlement networks amid regulatory concerns.Zodia Custody Joins Metaco’s Crypto Storage & Settlement NetworkZodia Custody has now joined Metaco’s global crypto storage network. The new custody solution gives institutions easy access to crypto storage and settlement, with complete security.Julian Sawyer, CEO of Zodia Custody, Metaco has seen global banks such as Societe Generale, BNP Paribas, and BBVA. This allows the firm to have them safeguard and manage crypto assets for institutions.Zodia Custody had an earlier collaboration with Metaco for institutional crypto custody solutions. Standard Chartered’s investment and ventures arm SC Ventures also had a stake in Metaco but it sold its stake in May this year. Ripple announced the acquisition of Metaco for $250 million in May itself.The integration with Metaco’s network offers global sub-custody, a service when an institution contracts another custodian to hold assets for it.“For example, a client in Brazil, who is a custodian, may want to store some assets in the UK, and they’re not currently in the UK. So they could use us as their sub-custodian and use our regulatory permissions, etc. I think the multiple networks that are out there are really key in terms of linking custodians together, and linking custodians to #exchanges and venues in a compliant manner,” said Sawyer.XRP Price to RallyThe move comes amid a joint venture by SC Ventures and #SBI Holdings. It aims to leverage SC Ventures’ experience in digital assets through ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.XRP price jumped 3% in the past 24 hours, with the price currently trading at $0.63. The 24-hour low and high are $0.618 and $0.634, respectively. Furthermore, the trading volume has increased by 100% in the last 24 hours, indicating interest among traders.The price to upswing amid a broader market rally and mainstream adoption of $XRP in several applications including cross-border transactions.#Airdrop 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. @WISE CRYPTO NEWS