US Circle partners with Coincheck for domestic listing of stablecoin USDC

Toward domestic listing of USDC

In order to promote the spread of the crypto asset (virtual currency) stablecoin USDC in Japan, the issuing company Circle Inc. announced that it will partner with Coincheck, a major domestic virtual currency exchange.

Regarding stable coins, in Japan, the amended Payment Services Act will come into effect in June 2023, and stable coins will be issued using legal currency as collateral, and the coins will be exchanged with legal currency at a certain exchange rate. The issuance and distribution of “stablecoins (SCs)'' is permitted if they are operated by qualified administrators.

On the other hand, at present, trust-type stablecoins such as USDC are not listed in Japan, and the partnership between Circle and Coincheck was concluded with a view to listing them in the future.

According to Coincheck, the handling of USDC at Coincheck is “conditional on obtaining registration as an electronic payment means transaction business based on the Payment Services Act,” but “the handling of USDC by Coincheck is subject to change in the future. In order to contribute to the further development of the crypto-related industry, we will move forward with this project with a sense of speed and with a focus on achieving a high standard in all aspects of the product's UI and UX.”

USDC is traded on various DeFi/centralized exchanges overseas, and is the second-largest stablecoin in terms of market share. (First place is USDT)

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