SBI VC Trade, the crypto arm of Japan's SBI Group, is preparing to support the USDC stablecoin following relaxed regulations on stablecoins in Japan.
On March 4, the platform secured its first registration to process USDC transactions, positioning itself as one of the first in Japan to offer such services.
A trial for USDC trading will begin on March 12, with plans for full support shortly after. CEO Tomohiko Kondo confirmed the news on X (formerly Twitter), stating that the company had received official recognition from the Kanto Regional Financial Bureau as a licensed electronic payment operator.
This move aligns with Japan’s growing acceptance of stablecoins, as the Financial Services Agency (FSA) has been easing its regulatory stance.
In 2023, Japan lifted its ban on foreign stablecoins, and earlier this year, the FSA backed policies aimed at simplifying stablecoin regulations.
Alongside Circle, SBI VC Trade has partnered with Ripple and supports a range of cryptocurrencies, including Bitcoin, Ethereum, and XRP.
The crypto market has taken a hit, with a dramatic drop in Bitcoin’s value dragging down several major tokens.
Ethereum has been hit hard, dropping 55% from its December peak as the broader crypto market struggles with global economic uncertainty.
XRP, one of the most prominent cryptocurrencies, appears to be at a tipping point, with signs indicating a potential drop below the critical $2 mark.
As fears of U.S. tariffs loom, cryptocurrency investors are showing caution despite a significant increase in stablecoin supply.