$USDC

Stablecoin issuer Circle has gotten approval to offer USDC in Japan, CEO Jeremy Allaire said on Tuesday.

The stablecoin has now become "the first and only global dollar stablecoin to become approved for use in Japan," Allaire wrote on X (formerly Twitter).

He also offered congratulations to crypto exchange SBI, which right now is the only firm approved to list and distribute USDC to Japanese investors.

According to a post from SBI, the company plans to enable USDC trading for a "limited number of users" on March 12, with a full-scale offering coming "as soon as possible" thereafter.

As  of this writing, USDC has a $56 billion market capitalization. And because the stablecoin is meant to maintain its 1:1 peg with U.S. dollars, its market cap rises and falls relative to how many tokens are in wallets.

In June 2022, Japan passed a stablecoin bill that recognized the tokens as a form of digital money. The legislation, which went into effect in 2023, requires stablecoins to be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value.