SBI Holdings and its banking unit, SBI Shinsei Bank, have jointly invested $50 million in Circle, the issuer of the USDC stablecoin, following the company’s high-profile public debut on the New York Stock Exchange. The move underscores deepening institutional confidence in regulated, dollar-backed digital currencies.
Circle’s June 5 listing marked a major milestone for the crypto sector, with its shares opening at $69 more than doubling its IPO price of $31 and soaring to an intraday high of $123.49. The stock closed the day at $83, giving Circle a fully diluted valuation of $32.1 billion.
The listing is being hailed as the most significant fintech IPO since Coinbase went public in 2021. NYSE President Lynn Martin described it as a “bellwether” for both crypto-aligned firms and the broader public markets, which have seen limited activity in recent quarters due to macroeconomic headwinds.
SBI eyes leadership in Asia’s stablecoin ecosystem
SBI’s sizable allocation signals the company’s intent to accelerate its role in shaping digital finance in Asia. The group, led by Yoshitaka Kitao, has long invested in crypto and blockchain ventures. It was an early backer of Ripple Labs in 2016 and remains its largest external shareholder. It has also supported firms such as R3, Securitize, and various fintechs focused on tokenized securities and cross-border payments.
Circle now forms the core of SBI’s expanding strategy around digital dollar infrastructure. The two firms first partnered in November 2023 through a business alliance aimed at expanding USDC’s footprint in Japan. This collaboration led to SBI VC Trade becoming Japan’s first exchange to list USDC in March 2025.
With the IPO finalized, the relationship is being formalized through the establishment of a joint venture Circle SBI Japan KK that will work to integrate USDC into Japan’s financial ecosystem. The new entity is expected to streamline stablecoin adoption across banking, remittance, and payment sectors in the country.
SBI executives framed the $50 million investment as both strategic and foundational. “We see stablecoins like USDC as the future of programmable money,” said an SBI spokesperson, highlighting Circle’s commitment to regulatory compliance and transparency as key factors in the decision.
Institutional appetite for stablecoins continues to rise
SBI’s bet follows closely on the heels of BlackRock’s move to acquire approximately 10% of Circle’s IPO allocation, further signaling a shift among global financial institutions toward embracing regulated stablecoins. Both investments are seen as part of a broader trend of legacy players seeking exposure to digital assets that bridge traditional finance with blockchain infrastructure.
Circle has been actively positioning USDC as a trusted medium for global commerce. The company’s focus on transparency including full backing of reserves and regulatory alignment has helped it gain traction with policymakers and institutions alike.
The rise of USDC comes at a time when stablecoins are increasingly viewed as practical tools for cross-border payments, remittances, and yield-generating digital products. Circle’s deepening presence in Asia, supported by its SBI partnership, could prove pivotal as Japan refines its regulatory framework around digital assets.
For Circle, the $50 million from SBI is more than just a capital injection it’s a gateway into one of the most regulated and strategically positioned financial markets in the world. For SBI, it is a bid to shape the digital currency landscape from the frontlines.
As institutions move beyond crypto speculation into infrastructure building, Circle’s IPO and the investments backing it mark a shift in tone from volatility to validation, and from hype to hard capital.
