Japan’s stablecoin market is seeing the rise of yet another major player. Coincheck, one of the country’s established crypto exchanges, has completed the registration needed to handle fiat-backed stablecoins, paving the way for Circle’s USDC to become available through the platform.
Coincheck has registered as an Electronic Payment Instruments Exchange Service Provider, a license required in Japan for companies that distribute and handle stablecoins tied to traditional currencies.
The registration is significant because Japan has taken a relatively structured approach to regulating stablecoins. Rather than treating them simply as another type of cryptocurrency, the country has created a specific legal framework for digital payment instruments and the businesses that handle them.
Coincheck becomes Japan’s second licensed stablecoin handler
Coincheck is now the second company in Japan to receive this registration. SBI VC Trade became the country’s first licensed stablecoin handler in March 2025.
Japan’s Financial Services Agency registry identifies Circle’s USDC as the stablecoin Coincheck will handle. However, Coincheck has not yet provided a specific date for when customers will actually be able to access or trade USDC through the exchange.
The approval is nevertheless an important step toward that launch.
Coincheck and Circle have been working together since early 2024, when the companies announced a partnership aimed at expanding USDC’s availability in Japan. The latest registration gives Coincheck the regulatory foundation needed to take that partnership further.
USDC is a dollar-pegged stablecoin designed to maintain a value of around $1. Unlike more volatile cryptocurrencies such as Bitcoin or Solana, stablecoins are intended to provide the benefits of blockchain-based transfers without exposing users to the same level of price swings.
That makes them potentially useful for payments, transfers and moving money between different parts of the digital-asset ecosystem.
Japan’s regulatory framework requires businesses dealing with these assets to meet specific requirements. The rules are part of the country’s effort to bring stablecoins into the regulated financial system while giving users greater protections.
For Coincheck, obtaining the license could therefore open up more than just another trading product. The company has been looking at ways to expand its business into on-chain financial services, and stablecoins could become an important part of that strategy.
Coincheck approval opens another route for Circle’s USDC in Japan
The development is also significant for Circle. USDC has become one of the world’s major dollar-backed stablecoins, but gaining access to regulated markets can be more complicated than simply listing the token on an exchange.
Having another licensed Japanese platform capable of handling USDC gives Circle an additional route into the country’s digital-asset market.
The move could also increase competition. Until now, SBI VC Trade was the only registered company in Japan able to handle a fiat-backed stablecoin under the country’s framework. Coincheck’s entry gives Japanese users another potential gateway to USDC and could encourage other financial and crypto companies to explore similar services.
The timing is particularly interesting as stablecoins are increasingly being explored for payments, cross-border transfers and settlement around the world.
Japan has historically taken a cautious approach to crypto regulation, but the emergence of a second licensed stablecoin operator suggests the country is becoming more comfortable with bringing these assets into its regulated financial system.
For now, Coincheck still needs to announce when its USDC service will actually go live. But the regulatory approval is a meaningful step forward.
Japan’s stablecoin market is still relatively small, but with Coincheck now joining SBI VC Trade, the country is slowly building the regulated infrastructure needed for stablecoins to move beyond crypto trading and into everyday financial use.
