- Circle’s IPO garnered $1.1B, and shares rose 168%.
- USDC adoption in Japan grows via Circle SBI Japan KK venture.
Following its blockbuster $4.5 billion initial public offering on June 5, 2025, Circle the issuer of USDC stablecoin, has had 50 million invested in it by the Japanese financial giant SBI Holdings and its subsidiary SBI Shinsei Bank. The investment, made half and half with each entity, demonstrates SBI’s determination to further invest in digital assets, aiming to expand and develop the digital assets in Japan’s financial ecosystem.
In an IPO that sold 34 million shares at $31 each, Circle raised $1.1 billion and saw its shares listed on the New York Stock Exchange under the ticker CRCL. Market capitalization for Circle reached $16.7 billion as a result of a 168 percent spike in shares on debut, which caused the stock price to rise from $69 to $83.23 on Wednesday. This was one of the most successful fintech IPOs since Coinbase hit the listing bell in 2021.
By making the investment, SBI demonstrated its confidence in the stablecoin market and also obtained one of the largest allocations of Circle shares. It fits into SBI’s wider plan to start making cryptocurrencies part of everyday finance, especially in Japan, where the cryptocurrency regulatory framework is still in its infancy.
SBI’s Strategic Push for Stablecoin Adoption
Through its investment and a joint venture, Circle SBI Japan KK announced in March 2025, SBI Holdings is seeking to widen USDC’s footprint in Japan. Through this partnership, USDC aims to be embedded in Japan’s financial system, hence enabling it to be used for daily transactions and cross-border payments. SBI Holdings CEO Yoshitaka Kitao said that stablecoins such as USDC are ‘key to transforming global finance.’ “This investment is part of our vision that ensures secure and compliant digital financial services.”
SBI and Circle previously partnered to promote USDC circulation in November 2023. This year saw the debut of USDC on SBI VC Trade, its cryptocurrency exchange, in Japan.. In March 2025, SBI received regulatory authority to handle stablecoins, strengthening its digital asset leadership in Japan.
SBI has a long history when it comes to blockchain innovation since it has had a partnership with Ripple Labs for the past 3 years. Sure, SBI Ripple Asia, the firm’s subsidiary, has been behind much of XRP’s popularity in Asia, but the investment in Circle is part of a larger movement around stablecoins. Circle SBI Japan KK also hopes to improve infrastructure for USDC and then look to take Japan as a stablecoin hub.
Circle’s IPO Success and Market Impact
Circle’s IPO success highlights growing institutional interest in stablecoins. Major investors like BlackRock and ARK Investment Management have promised to pump in $150 million into the IPO, and the IPO was oversubscribed as much as 25 times. The second-largest stablecoin by CoinGecko, with a market capitalization of more than $60 billion, USDC is smaller than Tether, which has more than $62 billion in circulation, according to CoinGecko.
Taking into consideration the IPO timing, the regulatory environment in the U.S. is friendly, and stablecoin legislation could further improve the fate of digital tokens. Jeremy Allaire, the CEO of the company and a spokesperson for Circle, emphasised the fact that the company is a compliance-driven company that helps foster trust in stablecoins.
By being funded by SBI, Circle would be able to strengthen its position in the Asian market, which is extremely important for taking over the stablecoins scene. The progressive approach towards digital assets of Japan and the well-developed infrastructure of SBI will make USDC more widely adopted by enterprises and people who transact through digital currency on a daily basis. It could be a way for traditional financial institutions to adopt tokenized finance around the globe.
