#BTCBreaks99K

cryptocurrency exchange subsidiary of Japan’s SBI Holdings, said it has become the first Japanese firm to be licensed as an “Electronic Payment Instruments Exchange Service Provider”. The license is required to handle offshore stablecoins such as Circle’s USDC. SBI Holdings and Circle inked a collaboration deal in late 2023 to launch Circle’s USDC stablecoin in Japan.

SBI VC Trade was already licensed as a crypto exchange and for securities business.

The move is notable for two reasons. Firstly, the USD – Yen exchange rate is an important one. To date stablecoins have mainly been used for crypto transactions and for emerging market residents to hold dollars. It has also been used for cross border payments, again mainly in emerging markets.

On the other hand, according to Swift, the Yen is the fifth most widely used currency for cross border payments, and ranks third (5.42%) if you exclude transactions between European firms.