- SBI VC Trade becomes Japan’s first exchange authorized to handle USDC, boosting the country’s digital payment ecosystem.
- Ripple’s close ties to SBI could allow RLUSD to enter Japan’s expanding stablecoin market.
SBI VC Trade, a cryptocurrency exchange linked to Japan’s SBI Group, has secured approval from Japan’s Financial Services Agency (FSA) to offer trading services for the USDC stablecoin. This makes the exchange the first in Japan to be authorized to handle a stablecoin, marking a step for the country’s crypto market.
SBI VC Trade will begin processing USDC transactions on March 12, 2025. The exchange plans to open a limited beta phase for USDC trading before expanding operations to the broader market. This move follows the exchange’s registration with the Kanto Regional Financial Bureau, which was completed after meeting the required regulatory standards.
CEO Tomohiko Kondo confirmed the move via social media, stating that SBI VC Trade is now the sole Japanese exchange authorized to trade stablecoins. This launch comes after a strategic partnership was formed between SBI Holdings, the exchange’s parent company, and Circle, the issuer of USDC, in November 2023.
本日、関東財務局東京財務事務所長より電子決済手段等取引業者の登録の通知をいただき、SBIVCがいわゆるステーブルコインのライセンスを国内初・単独で取得しました。
米ドル連動の海外発行ステーブルコインUSDCの早期取扱開始に向けて引き続き対応してまいります。 https://t.co/lCVrzFDgmR pic.twitter.com/qxeHe2IX1r
— 近藤 智彦@SBI VC Trade (@tomohiko_kondo) March 4, 2025
A Strategic Move in Japan’s Changing Crypto Market
Japan’s crypto market has undergone regulatory changes, including easing restrictions surrounding stablecoins. SBI VC Trade’s entry into the USDC market is aligned with the country’s shift toward supporting innovation in the digital economy. By adding USDC, the exchange will provide a stable and secure means of digital payments.
USDC is known for its high liquidity and transparency. Moreover, the stablecoin is fully backed by U.S. dollar reserves, with monthly audits from third-party firms to ensure its reliability and trustworthiness. This stability is expected to be an attractive feature for users in Japan, where regulatory clarity is increasingly important.
Multiple Licenses to Broaden Services
SBI VC Trade is gaining ground with its stablecoin authorization and holds two other regulatory licenses. These include a cryptocurrency exchange business license and a Type 1 financial instrument business license, providing the exchange with a strong legal framework to operate in Japan’s financial markets.
This regulatory framework could be major in the growing acceptance of digital currencies in Japan’s mainstream financial ecosystem. SBI VC Trade’s plans to scale up USDC services following the beta phase will likely increase its market share in the country’s crypto sector.
Japan’s Financial Services Agency (FSA) has shown strong support for the adoption of stablecoins in the country. Commissioner Hideki Ito backed stablecoin transactions during a speech at the Fin/Sum 2025 event. Ito pointed out the role of stablecoins in financial innovation in payments and settlements.
SBI’s actions symbolize the FSA’s evolving stance towards stablecoins, with the government easing regulatory barriers to enable smoother integration of digital currencies in financial transactions. Circle CEO Jeremy Allaire has also celebrated the approval of USDC in Japan, describing it as a major moment for global stablecoin adoption.
Ripple’s Strategic Influence on Japan’s Crypto Framework
As reported in our previous article, SBI Holdings, the parent company of SBI VC Trade, has long advocated for Ripple’s technology, which may indirectly benefit from the expanding stablecoin market in Japan.
The partnership between SBI and Ripple, particularly their involvement in blockchain solutions for financial services, could enhance the utility and demand for digital currencies like USDC and RLUSD in the Japanese market.
Ripple’s strong ties to SBI raise the question of whether RLUSD, Ripple’s stablecoin project, could find its place in Japan’s evolving stablecoin framework. The regulatory clarity and infrastructure provided by the FSA may offer a conducive environment for RLUSD to enter the market, potentially providing more options for users in the region.