US Circle and Coincheck partner up to handle USD coins | CoinDesk JAPAN

Competition for stablecoins in Japan is intensifying.

US Circle, which issues USD Coin (USDC), the US dollar-linked stablecoin with the No. 2 market capitalization, and Coincheck, a major domestic crypto asset trading company, announced a partnership on February 27th.

Coincheck will register as a transaction business such as electronic payment methods necessary for handling stable coins, and will begin handling USDC. The timing has not been disclosed.

In Japan, the revised Payment Services Act went into effect on June 1st last year, and there has been an active movement towards issuing stablecoins domestically.

Stable coins issued overseas, such as USDC, are subject to regulations such as a limit of 1 million yen per remittance, but it is said that this can be cleared depending on the usage situation.

How will USDC be used in Japan? Details are awaited.

｜Text: CoinDesk JAPAN Editorial Department
｜Image: From the release