- USDC trading is now gaining traction in Japan through SBI VC Trade.
- With a new tilt toward stablecoins, whether RLUSD is next remains.
SBI VC Trade, the crypto services arm of SBI Group, Ripple’s partner, is set to include support for Circle’s USDC stablecoin. This decision comes as local regulators in Japan relax stablecoin regulations. Accordingly, there are rising speculations about whether Ripple’s stablecoin, RLUSD, is next for SBI.
SBI to Support USDC Beginning on March 12
SBI VC Trade announced earlier today that it has completed the first registration, enabling the firm to start processing USDC transactions. Once the registration is complete, SBI VC Trade will become the first Japanese financial platform to offer crypto trading in USDC. This is a massive milestone for the firm, positioning it as a top choice for crypto trading in Japan.
The platform plans to release a beta version of USDC to a limited number of users on March 12 and anticipates a full-scale deployment soon.
SBI VC Trade CEO Tomohiko Kondo confirmed the news in an X post. He said the platform received a notification regarding registering an electronic payment instrument trading business operator. According to the CEO, this notification came from the Director of the Tokyo Regional Financial Office of the Kanto Regional Financial Bureau.
“SBIVC has become the first and only company in Japan to obtain a so-called stable coin license. We will continue to work towards the early launch of USDC, an overseas stablecoin pegged to the US dollar,” Kondo added.
SBI’s support for USDC ensures customers access to a regulated digital asset. This will promote an efficient and cost-effective means of electronic payments consistent with the development of the digital economy.
Circle’s USDC is a fully digital asset backed by the US dollar. It offers a high level of security and transparency, which is ensured by monthly third-party verification reports.
SBI’s latest stablecoin moves come shortly after Japan’s Financial Services Agency (FSA) reportedly approved a report from a working group. The February report recommended policy changes easing stablecoin-related regulations.
The move also came the same day FSA Commissioner Hideki Ito pledged support for stablecoin transactions in Japan.
Will RLUSD Be Next?
It is important to note that Ripple remains one of SBI’s biggest allies. The banking group continues to push XRP adoption in the East Asian nation, and this collaboration has led to over 60 of the country’s banks working on integrating XRP.
As highlighted in our previous article, Ripple and SBI Holdings’ partnership dates back to July 2021. At the time, both firms collaborated to launch RippleNet’s first live On-Demand Liquidity (ODL) service in Japan.
Considering their long-standing relationship, crypto analyst WrathofKahneman has questioned whether SBI will consider supporting Ripple’s stablecoin next. The analyst spotlighted a post from X user Daikoku.
According to the user, SBI CEO Kondo showed deep interest in RLUSD during the XRP Community Night Tokyo held in September 2024. Therefore, he concluded that SBI may adopt RLUSD in the future.
Meanwhile, RLUSD continues to gain traction in the crypto space. According to our recent analysis, RLUSD reached 120 million in circulation within two months of its launch. Additionally, the stablecoin registered $7.35 billion in trading volume across the XRP Ledger (XRPL) and Ethereum networks, as CNF mentioned.
Credit: Source link
