SBI VC Trade, a subsidiary of Financial Giant SBI Holdings, has ensured regulatory approval as an electronic payment provider in Japan.

The regulatory approval granted under Japan Financial Services Agency’s (JFSA) new framework allows Exchange to offer stablecoins, making it the first in the country to list and distribute USDC.

“USDC will be the first and only Global Dollar StableCoin approved for use in Japan,” wrote Circle CEO Jeremy Allaire.

In Japan, legislative changes in 2023 cleared the way for licensed intermediaries to deal with foreign stablecoins, subject to supervision.