Japan's SBI invests $50 million in stablecoin issuer 'Circle'

Japanese financial giant SBI Holdings has reportedly invested approximately $50 million in Circle, the stablecoin issuer, in line with Circle’s IPO on the New York Stock Exchange.

According to CryptoPolitan on the 6th (local time), with this investment, SBI Holdings has secured around 5% of the 34 million Class A common shares issued by Circle. Circle’s stock price more than doubled over two days on the 5th and 6th. On its listing day, Circle's shares started trading at around $60, soaring to $120 on the 6th as the upward trend continued.

The two companies have already formed a strategic partnership. In March, SBI strengthened its collaboration by listing Circle’s stablecoin 'USD Coin (USDC)' on its crypto asset trading platform 'SBI VC Trade'.

This investment is a part of expanding their partnership—SBI plans to leverage USDC to enhance digital dollar-based payment infrastructure and build low-cost electronic payment solutions. Previously, SBI stated, "With USDC, we aim to provide customers with access to digital dollars" and "Along with this, we intend to promote efficient and cost-saving payment methods that align with the development of the digital economy."