USDC stablecoin trading is set to launch on March 26 on the SBI VC Trade cryptocurrency platform, controlled by SBI Group. Circle reported that the country's other crypto exchanges, including Binance Japan, Вitbank, and ВitFlyer, are planning to list USDC in the near future.

Circle CEO Jeremy Allaire said USDC has become the first and only stablecoin approved by Japan's Financial Services Agency (FSA) for use in the local market.

“We spent over two years working with Japanese regulators, major industry players, strategic partners, banking groups to make USDC available to the Japanese market,” Allaire said.

Earlier, the Financial Services Agency of Japan reported that it was working on the conditions for lifting the ban on offering stablecoins on the cryptocurrency market. The agency emphasized that lifting the ban will not mean automatic access to the market for all stablecoins. Issuers will have to undergo mandatory individual checks and prove the security of their assets, officials explained.