Stablecoin issuer Circle Internet Financial has entered into a pact with SBI Holdings to circulate the USDC token — a type of cryptocurrency pegged to the U.S. dollar — in Japan, which is vying with the likes of Singapore and Hong Kong to develop a digital-asset hub.
SBI Holdings, a venture capital group and financial services provider, will also work with Circle on establishing a banking relationship and promoting the use of Circle’s Web3 services in Japan, according to a statement on Monday. Web3 refers to a vision of the internet built around crypto and blockchain technology.
Circle’s co-founder, Jeremy Allaire, said the memorandum of understanding signed between the two companies was a "significant milestone in Circle’s expansion plans in Japan and Asia-Pacific.”