Japan's Stablecoin Floodgates Open: SBI VC Trade Becomes First to List USDC

Here’s what just happened: SBI VC Trade officially secured regulatory approval to trade USDC in Japan, marking a watershed moment for stablecoin adoption in Asia’s second-largest economy.

The Timeline Matters

On March 4, SBI VC Trade completed its first registration for stablecoin transactions—the gold standard under Japan’s revamped framework. A trial rollout kicks off March 12 for select users, with full market access coming soon. Not just fast, but methodical.

Why This Actually Moves the Needle

Japan’s Financial Services Agency (FSA) spent 2023-2024 rewriting the rulebook. The result? Foreign stablecoins like USDC can now operate under a licensed framework—no more gray zone.

FSA Commissioner Hideki Ito just doubled down at Fin/Sum 2025, literally saying stablecoins are “effectively used to improve remittance and settlement” and expressing hope for their adoption. Translation: institutional green light.

The Competitive Angle

SBI VC Trade’s CEO Tomohiko Kondo made it crystal clear: “our company is the first and only” holding this license. That’s not marketing fluff—it’s regulatory moat. Circle CEO Jeremy Allaire echoed this, calling USDC “the first and only global dollar stablecoin approved for use in Japan.”

For context, SBI VC Trade already powers trading in BTC, ETH, and XRP. Adding USDC means users now have a regulated on/off ramp to the dollar without leaving the platform—huge for remittances, settlements, and institutional flows.

What’s Next?

This signals Japan’s ready to become a serious stablecoin hub. SBI’s move sets the template: cooperate with regulators, build trust, scale. Other platforms will follow, but SBI just locked in first-mover advantage in a market that matters.