Coincheck to Handle Stablecoins, Becomes Second Company in Japan Registered as Electronic Payment Instruments Transaction Service Provider

Coincheck, the operator of the cryptocurrency exchange "Coincheck," announced on August 27 that it has completed registration as an "Electronic Payment Instruments Transaction Service Provider" under Japan's Payment Services Act. The registration number is Kanto Local Finance Bureau Director No. 00002. This marks the second such registration in Japan following SBI VC Trade, positioning the company for a full-scale entry into the fiat-pegged stablecoin business.

According to the Financial Services Agency's registration list, USDC—the U.S. dollar-pegged stablecoin issued by U.S.-based Circle—is listed as the electronic payment instrument that Coincheck will handle. The company announced a partnership with Circle in February 2024 to expand access to USDC in the Japanese market, and at the time stated that registration as an Electronic Payment Instruments Transaction Service Provider would be required for domestic handling of USDC. With this registration now complete, that prerequisite has been satisfied.

The Electronic Payment Instruments Transaction Service Provider registration system was established under the revised Payment Services Act, which took effect in June 2023, and is required for businesses that intermediate or manage fiat-pegged stablecoins in Japan. The first registration (No. 00001) was obtained by SBI VC Trade on March 4, 2025, and the company has filed to handle USDC and Ripple-affiliated RLUSD. SBI VC Trade launched its USDC service on March 12, 2025, following its registration.

Coincheck has not yet disclosed a specific launch date for USDC handling. However, with the registration complete, the legal foundation for business expansion is now in place, and preparations for service launch are expected to accelerate.

Competition in Japan's Stablecoin Market Intensifies

With this registration, the number of businesses approved as Electronic Payment Instruments Transaction Service Providers in Japan now stands at two: Coincheck and SBI VC Trade. Both companies either plan to handle or have already launched USDC services, and competition over the circulation of U.S. dollar-pegged stablecoins in the Japanese market is expected to intensify.

Item	SBI VC Trade (No. 1)	Coincheck (No. 2)
Registration Number	Kanto Local Finance Bureau Director No. 00001	Kanto Local Finance Bureau Director No. 00002
Registration Completion Date	March 4, 2025 (first in Japan)	August 27, 2026 (first in about 1 year and 5 months)
Planned Stablecoins	USDC, RLUSD	USDC
Service Launch Date	March 12, 2025 (USDC)	Not announced

▲ Approximately one year and five months after SBI VC Trade's registration, the second registered provider has emerged in Japan. (Source: SBI Holdings official announcement, Financial Services Agency registration list, August 2026)

Unlike cryptocurrencies with high price volatility, stablecoins are pegged to fiat currencies and are therefore expected to offer practical utility as a means of remittance and settlement. With the implementation of the revised Payment Services Act in Japan, a framework has been established in which Electronic Payment Instruments Transaction Service Providers—alongside banks, trust companies, and funds transfer service providers—facilitate the circulation of stablecoins.

Coincheck is one of Japan's leading cryptocurrency exchanges with a broad customer base centered on individual investors. If the company begins handling USDC, it could have a meaningful impact on the domestic adoption of stablecoins. Meanwhile, details such as the specific service launch date, fee structure, and supported trading pairs remain undisclosed, and future announcements will be closely watched.

Three Years After Regulatory Framework, Entering Practical Phase

The Electronic Payment Instruments Transaction Service Provider system was created with the implementation of the revised Payment Services Act in June 2023. Approximately three years after the framework was established, the number of registered providers has grown to two, signaling that Japan's stablecoin market is finally entering a practical phase.

In Japan, banks and major corporations are also advancing proof-of-concept initiatives involving stablecoins. Mitsubishi UFJ Trust and Banking Corporation has built the "Progmat Coin" platform enabling programmable payments and is collaborating with multiple financial institutions and operating companies. Efforts aimed at applications in international remittances and commercial settlement are also underway across various regions.

Coincheck's completed registration serves as a tailwind for this broader trend of stablecoin adoption in Japan. Once the company begins handling USDC, the pathways for individual investors to buy and sell U.S. dollar-pegged stablecoins in yen will expand, further broadening the intersection between the cryptocurrency market and traditional finance.

In the United States, stablecoin legislation has been advancing, and Circle achieved a listing on the New York Stock Exchange in 2025. USDC is one of the world's largest stablecoins by market capitalization and is widely used in international remittances and decentralized finance (DeFi). There is a view that expanded availability in the Japanese market will also contribute to enhancing the overall competitiveness of Japan's cryptocurrency ecosystem.