SBI Subsidiary to Support USDC

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A crypto division of the Japanese financial giant SBI is set to introduce support for Circle’s USDC stablecoin, as local regulators ease restrictions on stablecoins.

On March 4, SBI VC Trade announced it had completed the initial registration process related to stablecoin transactions, allowing the firm to begin handling USDC transactions.

Once fully registered, SBI VC Trade anticipates becoming one of Japan’s first financial platforms to offer cryptocurrency trading in USDC, according to the announcement.

The platform plans to initiate a USDC trading trial for selected users starting March 12, with a full-scale rollout expected soon thereafter.

On March 4, SBI VC Trade CEO Tomohiko Kondo confirmed the development on X, stating that the platform had received a notification from the Kanto Regional Financial Bureau’s Tokyo office concerning the registration as an electronic payment instrument trading business operator.