USDC stablecoin to make Japan debut in SBI tie-up

Move follows law paving the way for legal-tender-backed digital coins

20231127N SBI

SBI Holdings' businesses include banking, online securities trading and crypto assets. (Photo by Tokuyuki Matsubuchi)

KEITA SEKIGUCHI and OKI HIDAKA, Nikkei staff writers

TOKYO -- Japanese financial group SBI Holdings has partnered with U.S.-based Circle Internet Financial to make the company's USDC the first foreign stablecoin to circulate in Japan as soon as next year.

A stablecoin is a type of cryptocurrency pegged to an asset like legal tender or gold, helping to stabilize its value.

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