USDC stablecoin has become the “first and only” coin of its kind to receive approval from the Japanese government for use in the country, according to Circle CEO Jeremy Allaire.

A subsidiary of cryptocurrency trading platform SBI Holdings, known as SBI VC Trade, has received a business license as an electronic payment provider.

Under Japanese law, the company is now allowed to list Circle’s stablecoin in the new electronic payment system. This decision, supported by the Financial Services Agency (FSA), allowed SBI VC Trade to become the first operator in the country to start working with USDC.

It should be noted that in June 2023, the Japanese government declared stablecoins “electronic means of payment,” which opened up opportunities for licensed companies to interact with overseas suppliers, but with control. At that time, Circle CEO had already expressed plans to expand cooperation with Japan and issue stablecoins for this market.

In addition, it was reported that the Japanese government intends to approve tax rates for cryptocurrencies by the end of June 2025. Currently, tax regulations remain much stricter compared to other countries.