Japan approves USDC stablecoin for use in the country

17.03.2025

Stablecoin USDC has become the first and so far only coin of its type to be approved by the Japanese government for use within the country. This was announced by Circle CEO Jeremy Allaire. SBI VC Trade, a subsidiary of the cryptocurrency exchange platform SBI Holdings, has registered as an electronic payment business provider. Under Japanese law, it is now authorized to integrate USDC into a new payment systеm. This was made possible by a decision from the Financial Services Agency of Japan (FSA), which designated SBI VC Trade as the first company in the country allowed to list and distribute USDC. Additionally, the FSA is exploring the possibility of recognizing crypto assets as financial products similar to securities, as well as the potential approval of cryptocurrency-based exchange-traded funds (ETFs). It is worth noting that in June 2023, the Japanese government officially classified stablecoins as an "electronic payment instrument," enabling licensed intermediaries to cooperate with foreign operators under FSA supervision. At the same time, Japanese Prime Minister Shigeru Ishibi stated that the country is not yet ready to establish a national Bitcoin-based crypto reserve, as this issue remains insufficiently studied even in the United States.