Circle plans to launch USDC in Japan on March 26 through a partnership with local heavyweight SBI Holdings, marking a significant milestone for both the global stablecoin market and Japan’s blockchain ecosystem.

“Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan’s regulatory leadership has similarly been out in front on clear rules for the use of stablecoins in the Japanese financial system,” — Jeremy Allaire, CEO of Circle.

The launch comes weeks after Circle and SBI received regulatory approval from the Japan Financial Services Agency (JFSA) earlier in March under the country’s electronic payment framework. Allaire mentioned that Circle had spent two years preparing with regulators in Japan for this launch.

“We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan,” — Yoshitaka Kitao, CEO of SBI Holdings.

USDC currently has a market cap of around $59.7 billion. Recent reports indicate that the Asia-Pacific region accounts for 29% of global digital currency transaction volume, ahead of Western Europe at 22% and North America at 19%.