Coincheck Registers to Handle USDC, Fueling Stablecoin Competition in Japan

Coincheck, Japan's leading cryptocurrency exchange, has become the second company in Japan to be registered as an Electronic Payment Instruments Transaction Service Provider. This registration is a crucial step for Coincheck to handle stablecoins, specifically USDC, issued by Circle.

The registration process was completed on August 27, with registration number Kanto Local Finance Bureau Director No. 00002. This milestone marks the second such registration in Japan, following SBI VC Trade, which obtained its registration on March 4, 2025.

Coincheck has been partnered with Circle since February 2024 to expand access to USDC in the Japanese market. With this registration complete, Coincheck can now intermediate and manage USDC pegged to fiat currency values within Japan.

This development is significant for Japan's stablecoin market, which is expected to intensify competition between Coincheck and SBI VC Trade. The revised Payment Services Act has established a framework in which electronic payment instruments transaction service providers facilitate stablecoin circulation.