Japanese financial giant SBI Holdings Inc. announced on Aug. 22, 2025, that it has established a joint venture with Circle Internet Holdings Inc., an affiliate of Circle Internet Group Inc. (NYSE: CRCL). SBI Holdings outlined the intent behind the collaboration:

The establishment of this joint venture aims to promote the use of USDC in Japan and create new use cases in the Web3 and digital finance domains.

The venture is closely linked to SBI VC Trade Co. Ltd., a consolidated subsidiary of SBI Holdings that became the first company in Japan to register as an Electronic Payment Instruments Service Provider earlier this year. SBI VC Trade has since initiated USDC trading services, marking a milestone in Japan’s digital finance sector. Alongside this operational progress, SBI reinforced its alliance with Circle through a $50 million equity stake acquired after Circle’s New York Stock Exchange listing.

The move builds on a November 2023 Memorandum of Understanding with Circle Internet Financial LLC, which focused on expanding USDC circulation, developing banking ties, and introducing Web3-related services in Japan. A formal joint agreement was signed in March 2025, setting the stage for the official launch of the partnership this week.

The two companies are aligning their respective strengths to advance stablecoin adoption in Japan. SBI underscored the partnership’s broader implications:

By leveraging the SBI Group’s financial infrastructure and Circle’s expertise, the two parties will contribute to advancing Japan’s digital financial ecosystem.

SBI, which has grown since 1999 into a diversified player across securities, banking, insurance, asset management, crypto-assets, and biotechnology, is positioning itself as a key driver of blockchain adoption in Japan. While questions remain over regulatory treatment of stablecoins, proponents argue that collaborations like this could lower transaction costs, increase financial inclusion, and accelerate the modernization of Japan’s financial system.

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