SBI Holdings Partners with Circle to Pioneer Digital Currency Innovation in Japan with USDC, Banking, and Web3 Services

November 27, 2023

As a global leader in the digital asset economy, the Japanese government revised the Payment Services Act (the Revised Payment Services Act), on June 3, 2023 to establish regulations for stablecoins. The regulation is expected to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy. The Revised Payment Services Act establishes “collateralized” stablecoins that are backed by legal tender. Circle’s USDC goes a step further because they are backed 100% by highly liquid cash and cash-equivalent assets and are always redeemable 1 to 1 for U.S. dollars. SBI Shinsei Bank, Limited (Head Office: Chuo-ku, Tokyo; President and Chief Executive Officer: Katsuya Kawashima) will also provide banking services to Circle.

The source of this news is from Circle