Circle has announced a major move to introduce its stablecoin, USDC, to Japan through a partnership with SBI Holdings.

Starting 26 March, SBI VC Trade, a crypto exchange under SBI Holdings, will begin full-scale USDC trading. USDC has become the first international dollar-backed stablecoin to gain legal recognition under the country's new stablecoin framework.

Jeremy Allaire, CEO of Circle, expressed excitement about the potential for cross-border transactions, digital payments, and financial innovation in Japan.

He cited the country's transparent regulations as key to the successful integration of USDC into the market. With support from SBI Holdings, Circle Japan KK, and leading exchanges, the digital dollar is set to meet the needs of Japan's evolving digital economy.

Circle is also gaining traction outside Japan, with the Philippines' GCash wallet adding support for USDC. Stablecoins are growing in importance in the country's remittance market.

Recently, USDC and Circle's EURC stablecoin received regulatory approval in Dubai, becoming the first to be authorised under the Dubai Financial Services Authority's framework.

With a market cap of$59.75 billion as of 25 March, USDC continues to grow, with$2.6 billion minted in the last 30 days.

Although Tether dominates the stablecoin market, Circle's adherence to regulations positions it as a more widely accepted and regulated alternative.