SBI VC Trade, a subsidiary of financial giant SBI Holdings, has secured regulatory approval as an Electronic Payments Provider in Japan.

The regulatory approval, granted under the Japan Financial Services Agency’s (JFSA) new framework, allows the exchange to offer stablecoins, making it the first in the country to list and distribute USDC.

“USDC becomes the first and only küresel dollar stablecoin to become approved for use in Japan,” wrote Circle CEO Jeremy Allaire.

In Japan, regulatory changes in 2023 cleared the way for licensed intermediaries to handle foreign stablecoins, subject to oversight.