Payment services company Circle, behind stablecoin USDC, is considering issuing a stablecoin in Japan, given that rules governing stablecoins took effect on June 1.
Japan Is One of the First Nations to Provide a Framework for the Usage of Foreign Stablecoins Thanks to the Stablecoin Bill
Payment services company Circle, behind stablecoin USDC, is considering issuing a stablecoin in Japan, given that rules governing stablecoins took effect on June 1.
Speaking to CoinDesk Japan, Circle's co-founder and CEO Jeremy Allaire said that Japan will grow into a very sizable market if stablecoins are used more frequently for international trade, foreign currency transfers and worldwide commerce.
Japan is one of the first nations to provide a framework for the usage of foreign stablecoins thanks to the stablecoin bill, which Allaire calls "the most important thing the government and the Financial Services Agency have done."
Circle is interested in collaborations in Japan, and the business just received a Major Payment Institution (MPI) license in Singapore, enabling it to provide domestic and international money transfer services as well as digital payment token services there.
Major Japanese financial institutions have also been exploring stablecoins, with Mitsubishi UFJ Trust and Banking Corporation stating their intention to launch their own stablecoin platform.
