SBI VC Trade became Japan's first company to receive official approval to handle stub coins like USD coins (USDC), and marks an important step in the country's crypto market.
On March 4, the company announced its registration as an “electronic payment device operator” under Japan's updated regulatory framework. This milestone allows the platform to promote the use of stablecoins following the revised Fund Settlement Act and Banking Act.
SBI VC Trade CEO Tomohiko Condo has confirmed the development of X and says it is currently the only company in Japan with a Stablecoin license.
He highlighted the company's commitment to expanding USDC adoption and providing secure, compliant digital payment solutions.
New era of Japanese stub coins
With the new registration, SBI VC Trade is expected to introduce a beta version of its USDC-related services on March 12th.
According to the company, limited group of users can access early after scheduled system maintenance. The company aims to expand its USDC support in the phase, ensuring compliance with local regulations while strengthening Japan's digital asset environment.
SBI Holdings, the parent company of SBI VC Trade, is actively strengthening its position in the Stablecoin market. In November 2023, the financial giant signed a memorandum with Circle, the publisher of USDC, to explore new business opportunities.
This latest approval will be added to the company's existing financial licenses, including Electronic Payment Instruments Business (No. 00001), Cryptocurrency Exchange Business (No. 00011), and Type 1 Financial Instruments Business (No. 3247).
SBI VC trade is at the forefront of Japan's evolving digital finance sector. The company plans to introduce new services that integrate encryption and stubcoin transactions to ensure seamless and efficient digital payments.
Benefits of USDC's Growth Market
The SBI VC Trade movement is due to USDC gaining global regulatory recognition.
Currently, digital assets are the only major stubcoin that complies with the European Union market in Crypto Union (MICA) regulations, giving them a competitive advantage over the region's Tether USDT.
Over the past few months, major exchanges such as Binance have removed non-compliant stubcoins from European platforms, changing the market advantage.
As a result, USDC has seen an increase in adoption and its distribution supply rose 6% in the past month, reaching an all-time high of over $56 billion.
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