Circle Pairs with SBI Holdings to Increase USDC Circulation in Japan; Binance Settles with U.S. Authorities

By: Eliza Bennet

Stablecoin issuer Circle is collaborating with Tokyo-based financial services company, SBI Holdings, to augment the usage of USD Coin (USDC) and Web3 services in Japan. A memorandum of understanding (MOU), concluded between the two companies, will guide the strategic expansion of USDC into this region. The agreement comes after amendments in the Payment Services Act by the Japanese government and aims to stimulate the issuance and circulation of stablecoins in the country, leading it towards a Web3 economy. To kick off the flow of USDC into Japan, SBI Holdings is to be registered as an electronic payment service, subject to the nod of Japanese authorities. More details.

In a related development, leading crypto exchange Binance's settlement with U.S. authorities has been hailed as a 'positive for crypto' by JPMorgan. Assuaging fears about the potential risk that could spawn from a hypothetical downfall of the crypto exchange, the report indicates that the settlement has significantly minimized this risk, thereby also marking a decisive movement for Binance. Learn more.