This character is a Other Symbol and is mainly used in the Katakana script.
The glyph is a circle version of the glyph Glyph for U+30EFKatakana Letter Wa. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. This katakana joins with other adjacent katakana to form a word. U+32FB offers a line break opportunity at its position, except in some numeric contexts.
The Wikipedia has the following information about this codepoint:
Wa (hiragana: わ, katakana: ワ) is one of the Japanese kana, which each represent one mora. The combination of a W-column kana letter with わ゙ in hiragana was introduced to represent [va] in the 19th century and 20th century. It represents [wa] and has origins in the character 和. There is also a small ゎ/ヮ, that is used to write the morae /kwa/ and /gwa/ (くゎ, ぐゎ), which are almost obsolete in contemporary standard Japanese but still exist in the Ryukyuan languages. A few loanword such as シークヮーサー(shiikwaasa from Okinawan language) and ムジカ・アンティクヮ・ケルン (Musica Antiqua Köln, German early music group) contains this letter in Japanese. Katakana ワ is also sometimes written with dakuten, ヷ, to represent a /va/ sound in foreign words; however, most IMEs lack a convenient way to write this. It is far more common to represent the /va/ sound with the combination ヴァ.
The kana は (ha) is read as “wa” when it represents a particle.