Circle plans to launch USDC in Japan on March 26 through a partnership with Local Heavyweight SBI Holdings, which marks a significant milestone for both the global stableecoin market and Japan’s blockchain ecosystem.

“Japan has long been at the forefront of the adoption of Web3 and Blockchain technology, and Japan’s regulatory management has in the same way been out in front of clear rules for the use of stablecoins in the Japanese financial system,” said Jeremy Allaire, co-founder and CEO of Circle in a release.

The launch comes weeks after Circle and SBI received legislative approval from Japan Financial Services Agency (JFSA) earlier in March under the country’s electronic payment framework.

Allaire said in a post of X that the circle had spent two years engaging with regulators in Japan in preparation for the launch.

“We believe this initiative will increase financial accessibility and drive digital asset innovation in accordance with our wider vision for the future of payments and blockchain-based financing in Japan,” said Yoshitaka Kitao, representative director, chairman, president and CEO of SBI Holdings in a statement.

USDC currently has a market capital of around $ 59.7 billion, according to CoingeCKO data.

The Philippines largest digital wallet, Gcash, recently added support to USDC.

According to a 2024 report from Circle, Asia-Stophav region, 29% of the global digital currency transaction volume, ahead of Western Europe of 22% and North America of 19%.