The circle is planning to issue a newly regulated stablecoin for the Japanese crypto & non-crypto market.
USDC is the second-ranked top stablecoin in the crypto market. Circle is the backend manager team, which keeps the value of each USDC stablecoin exactly $1. In Q3 2013, this firm was founded by Jeremy Allaire and Sean Neville. This firm is backed popular crypto & non-crypto firms high-profile companies e.g. Coinbase, BlackRock, Fidelity Investments, Marshall Wace LLP, etc.
Recently in an interview with Coindesk Japan, Circle CEO Jeremy Allaire said that stablecoins are playing a vital role in cross-border trade, foreign currency transactions, and global commerce, and now he expects that Japan will lead such innovations.
According to Circle CEO Japan will be the first country to allow the use of stablecoin legally & officially as a legal tender under a legal framework.
Furthermore, the Circle CEO dragged attention toward the newly approved legislation in Japan, called Payment Services Act, which provides legal authority for the domestically regulated stablecoins to use as a legal payment method.
Chinese crypto blogger Colin Wu reported that Circle is considering bringing a new stablecoin under the Japanese regulatory jurisdiction, which is obviously a very tough job for any company as only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue stablecoins.
It is worth it to note that recently Japanese lawmakers brought several new rules against the vulnerable crypto laws, to ensure the safety of crypto Investors.
In the last week of the last month, OKX crypto exchange confirmed that it will wind down its crypto services from the Japanese crypto market, as the exchange was not in compliant with the new rules.
Read also: BlackRock boss says “Bitcoin is an international asset”
USDC issuer plans a new stablecoin for Japan: Report
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