Circle and Coincheck Plan Partnership to Expand USDC Access in Japan

Circle Internet Financial, the issuer of the USDC stablecoin, unveiled today that it plans to collaborate with Tokyo based Coincheck, Inc., part of Monex Group, Inc and a Japanese bitcoin wallet and exchange service, to expand the usage of USDC in the Japanese market.

This comes a week after Circle's announcement​ to end support for its USDC token on the Tron blockchain network.

This partnership marks a significant development in Coincheck's efforts to enhance its product offerings, and maintain high standards in UI and UX design. 

"Our collaboration with Coincheck is foundational in bringing the stability and reliability of USDC to the Japanese market," said Jeremy Allaire, CEO and co-founder of Circle. "We are excited to work with Coincheck to pave the way for a new era in digital finance in Japan."

According to a statement, Coincheck's initiative to incorporate USDC as part of its products and services is subject to securing registration of an Electronic Payment Instrument Services.

"Stablecoins are becoming increasingly popular among domestic crypto asset users and are expected to be used as a means of payment for transactions involving buying and selling crypto assets and NFTs. Taking a step towards handling USDC, which is a stablecoin backed by high-quality US dollar-denominated reserve assets and compliant with regulations in various countries, holds significant meaning for our company as well as our users," stated Satoshi Hasuo, Representative Director and President at Coincheck, Inc.