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Circle, the issuer of USDC, has entered into a partnership with Coincheck, one of the largest cryptocurrency exchanges in Japan, aiming to facilitate the stablecoin’s inaugural listing in the country.
According to a press release from Coincheck, the Japanese exchange indicated that it had initiated “steps toward handling USDC.”
Circle and USDC Targeting Success in Japan
Circle stated that Coincheck was “planning to broaden access to” its USD-pegged stablecoin. The Japanese exchange is operated by Monex Group, a prominent securities firm that acquired a majority stake in the 3iQ platform in December of the previous year.
Nonetheless, regulatory challenges continue to impede the token’s progress. Japanese cryptocurrency exchanges have not yet listed any significant USD-backed coins.
Despite this, fiat-pegged cryptocurrencies such as USDC and USDT are quite popular across Asia.
To list a cryptocurrency, exchanges must secure “Electronic Payment Instrument Services” registration from regulators in accordance with the Japanese Payment Services Act.
We are excited that @coincheckjp is planning to enhance access to $USDC in Japan! This represents a major milestone in introducing the stability of USDC to Japan and is a strategic move for USDC in Asia.
Read more about the collaboration here: https://t.co/DOdOxe1LgT pic.twitter.com/t93fYPoEl5
— Circle (@circle) February 27, 2024
Recently, Japanese regulators seem to have softened their approach to cryptocurrency regulation. Exchanges have been incorporating an increasing variety of altcoins onto their platforms.
The government has also supported Japanese companies in their stablecoin initiatives, leading to projects such as megabank Mitsubishi UFJ’s plans to offer B2B stablecoin issuance services.
A representative from Coincheck remarked that the platform “acknowledges that domestic crypto asset users have high expectations for the management of stablecoins.” The company further stated:
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“We anticipate stablecoins will be utilized as a settlement currency in the buying and selling of cryptoassets and NFTs. This is likely to result in a rise in NFT trading volume.”
Prime Minister Fumio Kishida and his administration have previously recognized Japan’s NFT sector as a potential growth driver for the nation.
The government has also announced intentions to ease regulations regarding how venture capital firms can invest in cryptocurrency companies.
The Japanese exchange noted that “taking a step toward handling USDC” was “of significant importance to our company and our clients.”
Source: Coincheck
Are USD-backed Stablecoins Poised for Growth in Japan?
Dai Matsumoto, the CEO of Coincheck, stated:
“We are thrilled to introduce USDC, the global standard for stablecoin tokens, to Japan. We look forward to collaborating with Jeremy [Allaire, the Co-founder and CEO of Circle] and the Circle team. Together, we aim to further advance Japan’s crypto market and blockchain ecosystem.”
Trading volumes on the Coincheck crypto exchange over the past 12 months. (Source: CoinGecko)
Allaire mentioned that Circle’s collaboration with Coincheck would serve as “the foundation for establishing USDC’s stability and credibility in the Japanese market.” He concluded:
“We are very pleased to collaborate with Coincheck to usher in a new era of digital finance in Japan.”
The post Coincheck Partners with Circle; USDC’s First Japan Listing Close? appeared first on Cryptonews.
