SBI and Circle Launch Joint Venture for USDC in Japan

SBI Holdings, Inc. has formally launched a joint venture with Circle Internet Holdings, Inc., a move that both companies say will help expand the use of USD Coin (USDC) and support digital finance development in Japan.

The announcement follows a series of earlier agreements between the two firms. In November 2023, SBI signed a memorandum of understanding with Circle Internet Financial, LLC to explore the introduction of USDC into the Japanese market, the possibility of establishing banking relationships, and the promotion of Circle's Web3 services. This was followed in March 2025 by a joint agreement laying the groundwork for the new entity.

Circle, best known for issuing USDC, completed its listing on the New York Stock Exchange this year. In connection with that listing, SBI acquired $50 million worth of Circle shares, making it a strategic investor. The investment, according to SBI, reflects its intention to strengthen long-term collaboration while supporting Circle's growth.

The companies said their joint venture will not only encourage the circulation of USDC domestically but also work on creating new use cases in Web3 and digital finance. SBI plans to leverage its established financial infrastructure, including its banking and securities subsidiaries, while Circle brings expertise in stablecoin issuance and blockchain-based financial services.

Executives have framed the initiative as part of Japan's broader digital transformation in finance. The partnership is expected to contribute to enhancing settlement efficiency, promoting adoption of tokenized assets, and offering businesses and consumers new payment options.