Circle, the issuer of the USDC stablecoin, announced a Memorandum of Understanding with SBI Holdings, the prolific web3 and blockchain investor. SBI will help Circle to circulate USDC in Japan and together they will “expand the use of stablecoins in Japan.”
USDC is the second largest stablecoin with a $24.6 billion market capitalization. While USDC is considerably smaller than Tether, the latter is not issued from a regulated jurisdiction. Plus, the State of New York banned Tether, making regulated institutions wary.
In terms of the deal, SBI Shinsei Bank will also provide banking services to Circle. And the SBI Group will adopt Circle’s Web3 solutions including its programmable wallet.
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