Payments platform Circle is collaborating with a Japanese financial giant as the nation gears up for a full-scale introduction of stablecoins. In a new press release, Circle says that it will be partnering up with SBI Holdings as a means of introducing its stablecoin USDC and other web3 services into the Japanese market after the […]
The post Circle Partners With Investment Giant SBI Holdings Amid ‘Full-Scale Introduction of Stablecoins’ to Japan appeared first on The Daily Hodl.
The agreement was made in a memorandum of understanding, but SBI Holdings must first register as an electronic payment instruments service provider in the country.
Circle, the stablecoin issuer behind USD Coin (USDC), is teaming up with Tokyo-based financial services firm SBI Holdings to boost the adoption of USDC and Web3 services in Japan.
Circle said it concluded a memorandum of understanding (MOU) with SBI Holdings on Nov. 27, which will underpin the strategic expansion of USDC into Japan.
Circle and SBI Holdings are joining forces to boost $USDC circulation and transform the financial landscape in Japan with $USDC and Web3 Services! This partnership signifies a major leap in digital asset innovation and a strategic expansion for $USDC in Asia.
— Circle (@circle) November 27, 2023
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It comes as the Japanese government revised the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will “stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy.”
To initiate the circulation of USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, which is subject to approval by Japanese authorities.
SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass stablecoin adoption in the country.
"Japan is steadily preparing the groundwork for the full-scale introduction of stablecoins [and] we are very pleased to have signed a basic agreement for a comprehensive business alliance with Circle."
Circle's CEO Jeremy Allaire said the partnership "represents a shared vision for the future of digital currency" in Japan and Asia and is a "milestone" for Circle as part of its expansion plan into the region.
Related: Grab, Uber’s Southeast Asian rival, debuts Web3 services with Circle
"We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan," said Allaire.
SBI Shinsei Bank will provide banking services to Circle to enable USDC access and liquidity for Japan-based businesses and users.
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SBI Holdings, the largest online brokerage in Japan, is shutting down its crypto mining business in the Russian Federation. Amid mounting uncertainty over the future of such investments due to the ongoing conflict in Ukraine, as well as decreased mining profits, the financial firm said it plans to sell its equipment and withdraw. Japan’s SBI […]
SBI Group, the financial services company group based in Tokyo, Japan, has announced the launch of a crypto asset fund that consists of seven different digital currencies. The crypto fund launched by the Japanese company includes bitcoin, ethereum, xrp, litecoin, bitcoin cash, chainlink, and polkadot. SBI Group’s New Crypto Fund Leverages 7 Different Digital Assets […]
Japanese financial conglomerate SBI Holdings is reportedly launching a crypto fund that will invest in several cryptocurrencies. “I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” said an executive of the company. SBI Holdings Launching Crypto Fund SBI Holdings Inc. has revealed its […]SBI Crypto, a subsidiary of SBI Holdings, Japan, has announced its mining pool service, allowing miners to earn from collaborating.
SBI Crypto announced public participation in its mining business after a soft launch in private placements earlier this year.
Bitcoin mining is an energy incentive process that requires specialized hardware, whose power is measured in “hashes.” The miners compete against each other to solve the block’s encryption problem and win the mining rewards of 6.25 BTC. Due to the process’s energy-intensive nature, a larger group of miners, mining pools, have a better chance of earning stable returns.
The mining pool managers take a percentage of the earnings from the miners.
The investment firm entered the mining business in 2017 and mines Bitcoin and its hard forks in Bitcoin Cash and Bitcoin SV.
Currently, SBI Crypto’s mining pool delivers 1.1 EH/s to the network with a total hashrate of 155 EH/s. Its pool ranks ninth in the world. The online pools offered until now are mostly based out of China.
The daily revenue per unit of mining power, according to SBI’s website, is $0.4 for BTC. Companies can place a request to get a quote for the lease.
The cost of mining hardware and its availability is subject to market conditions that have been strained due to huge demand.
Disclosure: The author held Bitcoin at the time of press.
