SBI Holdings and Circle Forge Game-Changing Joint Venture to Propel USDC Adoption Across Japan

Japan's financial giant SBI Holdings just teamed up with Circle—and they're bringing USDC to the heart of Tokyo's markets.

Why This Partnership Matters

SBI isn't playing around. This joint venture signals a massive push for dollar-denominated stablecoins in a market hungry for crypto-yen alternatives. Expect new liquidity pools, smoother cross-border payments, and regulatory nods from the FSA.

Circle's Strategic Play

Circle gets a heavyweight local partner—SBI's influence runs deep in Japanese finance. That means easier onboarding for institutions, clearer compliance pathways, and a trusted name backing every USDC transaction.

But Let's Be Real

Another day, another partnership—because what's finance without a little joint venture theater? Still, when SBI moves, markets listen. This could actually accelerate Japan's crypto maturity—or just add another stablecoin to the pile.

A Partnership Years in the Making

The joint venture builds on earlier agreements between the two companies.SBI signed a memorandum of understanding with Circle to explore USDC circulation in Japan in November 2023, and both parties signed a joint agreement in March 2025, which led to this launch.

The groundwork has already been laid. Earlier this year, SBI VC Trade—SBI’s crypto-asset exchange arm—became the first firm in Japan to register as an Electronic Payment Instruments Service Provider. That milestone allowed it to begin offering USDC trading services, making the stablecoin more accessible to Japanese investors.

“By leveraging the SBI Group’s financial infrastructure and Circle’s expertise, the two parties will contribute to advancing Japan’s digital financial ecosystem,” SBI Holdings said in its announcement.

SBI has also become a financial backer of Circle. Following Circle’s listing on the New York Stock Exchange in March 2025, the group purchased $50 million worth of Circle shares as a strategic investment.

Expanding Stablecoin and Web3 Horizons

The venture with Circle is part of SBI’s broader push into blockchain partnerships. Alongside USDC, the group is working with Ripple to roll out Ripple USD (RLUSD) in Japan and has teamed up with Singapore’s Startale to build a tokenized trading platform for stocks and real-world assets.

Also Read: Japan Prepares to Approve First Yen-Backed Stablecoins This Fall