Coincheck has completed registration as Japan's second electronic payment instruments provider, the regulatory license required to distribute fiat-pegged stablecoins. The Tokyo exchange will handle Circle's USDC, according to Japan's regulator, with no launch date announced.
SBI VC Trade, which received its license in March 2025, was the country's only holder until Coincheck's August 27 registration. Japan's Payment Services Act requires domestic exchanges to obtain this designation before offering foreign stablecoins to retail users. The regulator maintains a registry of approved providers and their authorized instruments; Coincheck's entry marks the first expansion of that roster since SBI's approval 17 months prior.
Coincheck, owned by Coinbase's Japan subsidiary, entered a partnership with Circle in early 2024 to expand USDC access within Japan. The exchange operates one of Japan's largest retail crypto platforms and has held a Financial Instruments Business Operator license since 2018. Circle's USDC is the second-largest dollar-backed stablecoin by market capitalization, with approximately 33 billion tokens in circulation globally as of August 2026.
Japan's regulatory framework for stablecoins crystallized in 2023 and 2024 as lawmakers moved to restrict purely algorithmic tokens while permitting trust-based instruments backed by dollar reserves. The Payment Services Act explicitly requires licensed providers to segregate customer assets and maintain capital reserves. Foreign stablecoin operators cannot distribute directly to Japanese retail customers; they must partner with a domestic license holder.
SBI VC Trade, the brokerage arm of Japan's largest financial conglomerate, announced USDC listings on its platform within weeks of receiving its license. SBI Group has separately invested in Ripple and maintains stakes in multiple blockchain infrastructure companies. Coincheck and SBI VC Trade now operate under identical regulatory guardrails.
No third electronic payment instruments provider has registered in Japan as of August 2026. Other major Japanese exchanges, including bitFlyer and GMO Coin, have not yet applied for the designation. The regulator's registry remains closed to new categories of stablecoin; only dollar-pegged instruments like USDC and USDT have received approval, with yen-pegged tokens classified under different rules.
Coincheck's registration expands the operational footprint for Circle's stablecoin in one of Asia's largest markets. SBI VC Trade held sole handler status for 17 months; two license holders now control all domestic USDC distribution channels.
